Phoenix-Area Retail Construction Hits Highest Level Since 2009

by KJZZ Business News, Your NPR Station

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Research by commercial real-estate firm CBRE says more than 1.3 million square feet of new retail space opened across the Valley last year. That’s more than double the year before, but still a fraction of the pre-recession peak.

In 2007, the Valley experienced nearly 10 times the retail construction we saw last year. But, that’s OK, said Jessica Glick, a research analyst with CBRE.

“The building that we’re seeing right now is sustainable growth, and we don’t expect construction to go back to those levels we saw pre-recession because the retail market has evolved, which is primarily the result of e-commerce and therefore, demand for retail space has softened,” she said.

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KJZZ Business News, Your NPR Station
KJZZ Business News, Your NPR Station

KJZZ 91.5 FM, Phoenix. NPR and Arizona news, entertainment, jazz, blues. Listen online at http://KJZZ.org.