Phoenix Retail Market Stabilizes… Finally

PHOENIX-Across the Valley, vacancy rates in retail properties have stopped increasing and rental rates have stopped falling, leading local experts to believe the market has finally stabilized.   

“Owners are focused on tenant retention – they are spending a lot of time keeping their tenants happy so their centers will have stable occupancy in 2011,” says John Appelbe, executive vice president of Cassidy Turley/BRE Commercial. “We will not see any more significant downward pressure on rents this year – they’ve stabilized, as well. Everybody is pretty realistic on where rents are today.”