The Phoenix metropolitan area continues to be one of the fastest-growing urban centers in America, according to NAI Horizon in its mid-year retail 2019 report. That population growth can support the region’s retail prospects.
Two Valley of the Sun cities captured the number one ranking by the U.S. Census Bureau as the fastest growing cities in the United States: Buckeye, Ariz., for population growth as a percentage of existing residents, and Phoenix for numeric increase. The rankings were based on growth from July 1, 2017, to July 1, 2018, for cities with a population of at least 50,000. Phoenix added 25,288 residents in that span, while Buckeye grew by 8.5 percent during those 12 months and now has 74,370 residents.
Queen Creek and the San Tan Valley are among the fastest-growing submarkets in the region and areas of new retail development.
Approximately 1.06 million square feet of retail real estate was under construction at the close of second quarter 2019. With new consumer demand, developers are continuing to build retail properties in the region.
To read the full report, click here.
