A rebound for retail

From Metrocenter to central Phoenix to long-established areas of Scottsdale, a mini building boom is under way as retailers and restaurants scramble to take advantage of real-estate bargains that will enhance their visibility and expand their market presence. Unlike previous retail-building spurts, focused in new-growth areas, the current flurry is occurring at infill locations in established areas. The new retail activity is creating hundreds of new jobs and breathing new life into corners that have been largely ignored by retailers for years. In some areas, real-estate prices and lease rates are half what they were a few years ago, making revitalization affordable. Retailers who got burned on the fringes when the housing bubble burst are insisting on established customer traffic and sales volume when considering a new location. It's a redevelopment trend that has occurred in other metropolitan areas but has been slow to take hold in metro Phoenix. Now, as select intersections in older neighborhoods become development hot spots, many far-flung suburban retail properties continue to see high vacancy rates and little leasing activity.

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