Check out the video tour for holly Brock’s listing at 4105 N 20th Street Phoenix, AZ. This charming Tudor Style Business Complex with Lush Courtyard Area to all Office Entries is centrally located near SR-51 Freeway, Downtown Phoenix, Camelback Esplanade, and Sky Harbor International Airport.
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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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After a mid-year lull with increased vacancy and negative absorption, the industrial sector ended the year on a positive note with net absorption posting an impressive 2,799,105 SF. This boost was needed following two negative net absorption quarters totaling -984,698 SF absorbed. While the sector is still in the early stages of recovery, the increased activity and new construction deliveries indicate long term improvement. Over the next year, as deliveries begin to slow after the surge in 2013 and tenant demand increases as confidence is rebuilt, vacancy levels will constrict and help stabilize the sector as it begins to fully recover. The dramatic increase of space places Phoenix in a “prepared” position to accommodate a range of big box users with immediate requirements that will be necessary as the local market rebuilds and flushes out smaller, older space to accommodate the new wave of larger tenants.
