The vacancy rate went from 11.1% in the previous quarter to 10.8% in the second quarter in the Phoenix area overall. With asking rental rates dropping to $14.23 on average.
By comparison the vacancy rate in the Phx-East Valley area decreased to 12.8% from 13.4% the previous quarter, with asking rental rates dropping to $13.37 on average.
It should be noted that 2 of the 3 largest lease signings in 2013 in the Phoenix area retail market have been in the Phx-East Valley.
The total retail market in the Phoenix area saw a net absorption or 1,032,400 in the second quarter of 2013, 434,000 of which was in the Phx-East Valley.
The Phx-East Valley leads the entire Phoenix area in terms of retail under construction, with 709,390 GLA, 98.8% of which is preleased.
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This information is for informational purpose and not intended to be investment advice, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared.