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Metro's Retail Market Will Rebound in 2003

PHOENIX-Vacancy will drop and rents will rise in metro Phoenix, says Marcus & Millichap in its 2003 forecast. The positive outlook calls for 42,000 more jobs and an influx of more residents to spur the economy.

By Beverly Ford | Updated on December 05, 2002

PHOENIX-There’s good news on the horizon for Phoenix’s lackluster commercial real estate market–2003 is shaping up to be the year of the rebound for the retail market.

According to a market study by Marcus & Millichap Real Estate Investment Brokerage Co., a cutback in new development combined with an improving economy and an increase in population will make for improved market conditions next year as investors take advantage of low financing rates to shore up sagging sales.

“Although the economic recovery has been slow to materialize during 2002, a more pronounced improvement is expected with the addition of thousands of new jobs during 2003,” said David A. Wetta, senior vice president and regional manager of the firm’s Phoenix office. “After several quarters of rising vacancy, improved employment growth and a reduction in new completions will allow vacancy to decline and rents to realize positive growth in 2003.” The creation of 42,000 new jobs and an influx of new residents to this Sun Belt state will help fuel the region’s economic development.

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