But as the retail inventory in Payson is absorbed, how long will the retail lease rate remain low?
The asking rental lease rates for retail property in Payson remained flat in the last quarter and increased less than 1 % from the a year ago at $13.51 on average. By comparison the average asking rental lease rates for retail property in the greater Phoenix-area dropped to $14.23 on average in the last quarter.
One has to wonder how long we can expect these rental rates to remain flat as more businesses are attracted to opening up locations or relocate a business to Payson, as Payson grows from a struggling tourist town of 15,000 to a diverse college town of 40,000.
The proposed town’s General Plan revision anticipates major new projects in the four growth areas that will mingle commercial and residential and provide a setting for new industries to start up or relocate to Payson, providing year-round jobs.
Much of the new development is planned along the highway, around the proposed campus and in the planned industrial and high-density residential areas around the Payson Airport.
As Payson grows from 15,000 to a 40,000 college town, there will be a significant increase in the demand for additional retail.
How long will the retail rental rate remain low as the inventory is absorbed?
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.