Phoenix-Area Retail Construction Hits Highest Level Since 2009

by KJZZ Business News, Your NPR Station

Listen on

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.

Read entire article

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