West Phoenix submarket leads the Phoenix retail market with rapid deal closures in Q1 2024

Animated chart illustrating retail deal closures in Phoenix Q1 2024
  • The Phoenix retail market continues to outperform the sector in most aspects, with the lowest vacancy and, notably, the reduced time that space remains on the market. In Q1 2024, the West Phoenix area led all other submarkets in the average time properties took to lease, closing deals in an average of 3.8 months from the time the listing was recorded.  
  • Over the last five years, the West Phoenix submarket has experienced a downward trend in the average time to sign retail leases, remaining a tight market with increased demand as the suburban population grows and job opportunities expand westward. Q1 2024 concluded with the lowest recorded leasing time for the West Valley in the past five years.

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