• The metro Phoenix retail vacancy declined to 7.8% at the end of Q1 2020, a decline 60 basis points, when compared to Q1 2018 when the vacancy rate was 8.4%.
  • In Q1 2020, the retail market absorbed 301,161 sq. ft. which exceed the two-year average of 200,913 sq. ft.
  • The retail market continues to tighten as new construction remains disciplined with 525,096 sq. ft. of product currently under construction.  
  • Construction is led by grocery and fitness anchored developments with Fry’s, Sprouts, Life Time Fitness and Planet Fitness being active in the market.
  • Just over 130,000 sq. ft of retail space was completed in Q1 2020 across metro Phoenix. 
  • Notable completions in the quarter included the opening of an 80,000 sq. ft. Life Time Fitness at Biltmore Fashion Park in the Camelback Corridor and the opening of a 30,000 sq. ft. Sprouts Farmers Market in Cave Creek.