Phoenix retail – Vacancy falls as rent growth continues
![Bar graph displaying Phoenix CRE Retail Vacancy and Rent Growth Data](/documents/191207401/193659320/Phoenix+Retail+Data+Bite_Chart+06.22.23.jpg/b81b867d-1e83-09d3-c815-7607f3c501cc?t=1687452587503)
Phoenix retail is experiencing the lowest vacancy rates in the past decade – with the total vacancy rate dropping to 5.4% during Q2. Increased demand for retail space has continued to drive rents to all-time highs – with direct market rent reaching $23.39/sf as we approach the end of Q2.
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