Metro Phoenix leads nation in retail construction
Excerpt from The Arizona Republic, August 13, 2007
“Metro Phoenix has more retail space under construction than anywhere else in the country, according to a report by a national real estate information service.”
“Valley retail developers attribute the fast growth not only to the Valley’s increasing population but also to a local culture that loves to shop.”
“Phoenix had 13.4 million retail square feet under construction at the end of the second quarter and nearly 83% of it is pre-leased, according to CoStar Group.”
“Population growth and low unemployment are two reasons the report gives for the Valley’s success in attracting retail development.”
“Most of the retail growth is along the new Loop 101 and Loop 202 freeway system extensions.”
