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CREATING OPPORTUNITIES AND NEW RELATIONSHIPS |
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AZ Development Central is your source to find trusted professionals. Whether you’re looking for architects, engineers, financial services, real estate services, consultants or site work contractors, AZ Development Central is the most comprehensive listing of qualified, experienced land development professionals in Arizona. AZ Development Central professionals are experts in project feasibility, entitlements, lending and title services, cost estimating, design, engineering, architecture, construction management and site improvements. If you’re not already receiving AZ Development Central’s weekly e-mail newsletter, subscribe today – don’t miss an issue. Find the land development team you need right here at AZ Development Central. |
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| THIS WEEK ON AZDC |
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Retail Developer Get Creative to Fix Big-Box Glut in Valley |
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The worst economic downturn in decades, consumers' new habits and changing industry trends are permanently altering the shopping landscape.
Soaring retail vacancies, brought on by overbuilding, poor planning and a dramatic falloff in buyer spending promise to change the character of malls, power centers and small neighborhood marketplaces.
Phoenix commercial real-estate brokerage CB Richard Ellis tallied about 17 million square feet of vacant retail space in metro Phoenix the end of the first quarter, or about 12 percent of the total.
So-called big boxes of 10,000 square feet or more have been the hardest hit in the downturn. There were 300 such vacant spaces at the end of the quarter totaling 8.4 million square feet, according to CB Richard Ellis.
Big-box vacancies have soared in the southwest and southeast Valley. Sites in new retail centers, stalled by the collapse of the residential real-estate market, were never occupied. Others were vacated as retailers went bankrupt or closed marginal locations to save money.
Former retail hotspots such as the Fiesta Mall corridor in Mesa and the Metrocenter area in Phoenix also have cooled as a result of changing ...More |
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