With the recent release of Velocity Retail’s Research Solutions Team’s 1Q 2013 retail quarterly numbers, Velocity Retail is excited to report positive improvements to the retail vacancy rate and leasing activity.
“We are excited to report that the Phoenix area has recorded six straight quarters of improvement both in vacancy and leasing activity,” said Dave Cheatham, Managing Principal at Velocity Retail. “The Phoenix market is clearly on its way to continued health at a gradual and steady pace.”
For more than three years, since the end of 2008, the vacancy rate steadily increased to 13.54% which was the peak. Now for six consecutive quarters the vacancy rate has declined in Phoenix. The vacancy at the end of the 1st quarter of 2013 is 11.48%, which is over two percentage points less than it was at its peak.
The first quarter numbers also show that of the six sub-regions in Phoenix that one third are back to a healthier single-digit vacancy, with one third close behind. The North sub-region has the lowest vacancy, ending the first quarter at 8.8%, with the Southwest area not far behind at 8.9%. The Northwest area is next with 10% vacancy, followed by the Northeast at 10.2%.
These four areas are leading the market in having the lowest vacancy. The two areas with the highest vacancy are the Southeast region which is at 13% and the Central region has the highest vacancy in the Phoenix area of 13.3%.
The company prepares quarterly updates with details that provide market intelligence and high-level analysis. Velocity tracks details on the entire retail market base of 175 MSF in buildings larger than 10,000 SF.
Accelerated Development Services Opens First 99 Cent Only Store in Kingman
99 Cent Only will kick off the new tenant lineup at Kingman Crossing in Kingman with a 17,136 SF store. They company has signed the first lease in the 82,000 SF center with negotiations winding down on the rest of the remaining occupancy.
The property, which is being jointly developed by Accelerated Development Services and Wadsworth Development, is undergoing a complete redevelopment and update.
The property, on the SEC of Interstate 40 and Stockton Hill Rd., is ground zero for this regional town. When the project is complete, it will have new store fronts, new paving, a huge freeway sign, new landscaping and a fresh new look.