Search
 

Retail Boom Continues as Office, Industrial Sectors Lag

PHOENIX-The coming year remains bright despite the soft showing in some sectors in 2002, says the Grubb & Ellis team in Phoenix at its annual forecast. Retail remains king of the hill. Still, there are a few hotspots in the other areas.

By Beverly Ford | Updated on December 17, 2002

PHOENIX-Retail is hot. Office and industrial are not. That’s the word from the experts at Grubb & Ellis Co. who monitor the valley’s changing real estate scene. But despite the soft showing in some sectors during 2002, the forecast for the future remains bright.

A growing residential and employment base, which kept retail growth steady for the past 10 years is expected to continue, particularly along the valley’s freeway corridors, John Applebe, senior vice president of Grubb & Ellis’ retail group, tells GlobeSt.com.

“We’ve had a constant inventory capable of being absorbed over time,” he said, noting that more new rooftops in the Leveen, East Gilbert, Queen Creek and Pinal County areas will bring added retail growth to the outlying areas of the valley. Several master-planned communities around the future site of the Loop 303, particularly in the Lake Pleasant area, will mean new retail development there as well, he added.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.