By 2030, the area will have just over 267 million sf of retail space, up from its current 121.7 million sf, he says. "We have the best growth market in the entire country," he says.

One firm that is taking advantage of the explosion is the Santa Monica, CA-based Macerich Co., whose local Westcor arm is the dominant mall owner in the area. Westcor executives plan to add five super-regional centers to its portfolio of close to 40 in roughly the next 20 years. "Our company needs to look forward 10 or 15 years in order to determine where the next phase of development will be," says Mike Treadwell, Westcor's senior vice president of development.

Westcor will break ground on the first of those five projects, the 1.2 million-sf, mixed-use SanTan Village, in Gilbert, in the current quarter. Other developments include centers in the cities of Goodyear, Phoenix, Surprise and others.