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Phoenix & Southwest  + Arizona  + Retail  | 
James DeCremer

Retail is Thriving Throughout Greater Phoenix and Across Arizona

In spite of supply chain issues and inflationary pressure, retail is thriving throughout the greater Phoenix market and in key markets across the state. Arizona is experiencing the third-fastest pandemic jobs recovery in the nation with the employment rate back to pre-pandemic levels, according to James DeCremer, principal of Avison Young.

“Unemployment is currently coming in at 5.7 percent, which is down from 6.2 percent in 2020,” says DeCremer. “Additionally, the state’s September 2021 jobs report showed 20,400 new jobs added.” 

Two more key fundamentals that signal retail sector strength are vacancy and rental rates. Vacancy is very low, closing out third quarter 2021 at 7.8 percent (from 8.2 percent Y-O-Y) and should continue to drop, while rental rates are on the rise, especially in anchored shopping centers.

“Ultimately, as people from California and other states choose to locate to the Phoenix area, retailers, landlords and investors see Phoenix as a strategic and solid place to transact. We see that continuing,” says DeCremer.

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James DeCremer

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.