Category Archives: Retail

Q4 2013 – NAI Horizon Retail Market Report

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The final quarter of 2013 continued to show positive retail market results. The sector saw drops in vacancy, gains in properties sold and demand for retail space increase throughout the fourth quarter. With small amounts of new construction in the works, retail market fundamentals are still geared for strong continued growth in leasing velocity, absorption and rental rates.

During the final quarter of 2013, vacancy fell to 10.4% from 10.6% in the third quarter, which is the lowest rate seen since the first quarter of 2009. With unemployment continuing to fall, there is promise for those in the work force, and in turn, consumerism for the retail market. For the calendar 2013 year, vacancy percentages were at 10.8%, a decrease from last year’s vacancy rate at 11.3%, indicating an upswing in occupancy for retail space.

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Q3 2013 – NAI Horizon Retail Market Report

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The retail market continues to show signs of improvement on its long road to recovery. Vacancy continued to fall this quarter to the lowest it has been since the beginning of 2009, coming in at 10.6%. Just one year ago, the retail vacancy rate for the Phoenix Metro market sat at 12%, with the highest rate, 13%, in 2011. Demand for retail space continued to improve as well, 1.2 million SF of space was absorbed in the Valley. The East Valley submarket cluster made up more than 60% of that total with 818,444 SF absorbed. As the fourth quarter historically records as the strongest quarter for retail, 2013 has the potential to be the strongest year, in terms of net absorption, that the valley has seen since 2008. Already this year space absorbed has surpassed the 2012 value by almost 200,000 SF, with a strong fourth quarter still to come.

Q2 2013 – NAI Retail Market Report

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Vacancy rates continue to decline locally in the Phoenix Metro area and on a national level. The average vacancy rate for retail property in the US fell to its lowest level in more than three years to 10.5%. The local retail market followed suit; the overall vacancy rate in Metropolitan Phoenix fell to 10.9%, the lowest it has been since early 2009. Retail sales in the U.S. are also headed in the right direction, up 0.5% and 0.4% in May and June, and up 5.7% over the last 12 months. While some areas still continue to struggle, overall the improvements in retail spending continue to boost the
CRE sector. As housing and employment also continue to rebound in the Phoenix area, positive momentum should carry the market back to where it was before the recession hit.

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Retail graph

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