The man who never makes a mistake always takes orders from one who does.
By Ian Ritter | Phoenix Last Updated: April 21, 2014 11:09am ET
PHOENIX—When the recession was in full swing, one of the markets that took the biggest hit wasPhoenix. Residential and commercial real estate were overbuilt in the market, and the retail sector became a casualty.
That’s all changing now, as retailers are starting to expand into the market. Retail real estate vacancy rates in Phoenix are currently around 10.5% and expected to fall below 10% by the end of the year, explains Tyson Switzenberg, vice president and retail broker lead in Phoenix for JLL (RECon booth C1001). That’s a marked improvement from two years ago, when they were around 13.5%.
“What we’re seeing is a lot of relocations of underperforming stores to better real estate,” says Switzenberg.
Right now retailers that are already in the market are focusing on filling gaps within the core and backfilling vacancies left by former tenants in shopping centers. There isn’t a whole lot of new development, so space is tight.
“We’re seeing a lot of retailers relocating out of underperforming stores into higher profile real estate,” Switzenberg explains. “The Phoenix retail market got into trouble in 2007 and 2008, when retailers were getting out ahead of rooftops. Retailers are cautiously looking in growth areas but are going to make sure that the customers are in place before committing.”
There are some concepts constructing new stores, though. Switzenberg points to discount grocer WinCo Foods andSprouts Farmers Market as two chains looking to build and expand. While there are some concerns about potential grocery store closings in the area due to the parent company of Albertsons acquiring Safeway, Switzenberg says many of those closings could easily be backfilled by concepts like Planet Fitness and Blast Fitness, as well as furniture retailers such as, Ashley Furniture and Living Spaces.
He uses local grocery Bashas’, which has closed stores in the area, as an example, citing that many of the vacant space were filled by discount retailers like Big Lots, 99 Cents Only Stores andDollar Tree. Some of the D and C centers that have been passed over by retailers for one reason or another have found non-retail uses to take up vacancies or have been demolished altogether and converted to Multifamily, offices and/or charter schools.
And as it is in many parts of the country, the quick-service restaurant sector is making a major growth push in Phoenix.
“Quick-serve restaurants are booming,” Switzenberg insists. “That sector is going crazy, and flourishing. We have new concepts entering the market, it seems like every week, and they do extremely well in the market.”
As long as the market stays affordable and there isn’t another overzealous building boom, Switzenberg says that the rebound should continue.
“Our housing market has stabilized, and everyone is cautiously optimistic,” he says. “Over the last year, Phoenix has really rebounded, and is one of those markets that will always continue to grow because of the weather and affordability.”
A little about me and my expertise – video
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I go to great heights to sell or purchase your land
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME
We barely could give land away the last few years, but times are changing. Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.
If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207 or Office:480-948-5554
PLEASE NOTE, I CHANGED BROKERAGES BUT CELL PHONE AND E-MAIL STAY THE SAME.
Thank You
Walter
Walter Unger CCIM
Associate Broker, West USA Commercial Real Estate Advisers
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Scottsdale, AZ 85254
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a little about me and my expertise – video
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https://www.youtube.com/watch?v=PPs3kpKR4nY
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