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Metro Phoenix Retail Market Slowly Coming Back

PHOENIX-The Valley's retail market is on the rebound, or at least the initial signs are there. "The gains are modest," says one retail pro, who credits hard-working brokers for the absorption win.

By Beverly Ford | Updated on February 24, 2003

PHOENIX-The Valley’s retail market is showing signs of rebounding with vacancy rates dropping and net absorption increasing as the nation gradually moves out of an economic slowdown.

“The gains are modest,” Pete Bolton, senior managing director for CB Richard Ellis Inc.’s Phoenix office, tells GlobeSt.com. “But the consistent positive activity we’re seeing in the retail sector will lead the way toward the start of an overall recovery across the board.”

Propelling the retail sector, Bolton said, is last year’s record housing starts which put 39,000 new homes on the market and 150,000 new residents in the state. But Bolton said it may still be too early to say whether last year’s retail figures indicate a market recovery.”It’s encouraging to see the increase in activity,” he said. “But I think it’s as much a testament to brokers working harder than ever as it is a sign of a rebounding economy.”Still, the numbers are optimistic.

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