At a 5.7% vacancy rate, the president of Phoenix-based Velocity Retail Group LLC said the latest retail performance metrics are ones he hasn't seen throughout his 40-year career.
In 2022, Velocity found 3.6 million square feet of positive net absorption, which is calculated by taking the total amount of retailmore than doubled its average of 1.5 million over the past 10 years. Many of the drivers were tenants inCheatham expects strong absorption to continue, meaning an even further drop in vacancy. But a return of power centers in the Valley, anchored by national retailers, could bring more space on the market, particularly in the West Valley, Cheatham said.Target Corp.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What San Jose Mayor Matt Mahan's advisory committees recommended - Silicon Valley Business JournalSix weeks after becoming San Jose's mayor, Matt Mahan has gotten recommendations from five transition committees that he assembled to suggest new approaches to some long-standing challenges.
Source: svbizjournal - 🏆 334. / 59 Read more »
Mass shooting prompts San Mateo County to investigate farmer living conditions - Silicon Valley Business JournalThe task force will center around protecting farmers who live in employer-provided housing.
Source: svbizjournal - 🏆 334. / 59 Read more »
Jobs that now pay $100,000 per year - Silicon Valley Business JournalAfter the pandemic sent shockwaves through the workforce and caused considerable hiring challenges, several new jobs have joined the six-figure club. Here's a look at America's new $100K jobs.
Source: svbizjournal - 🏆 334. / 59 Read more »
Builder's remedy projects filed in Mountain View, Los Altos Hills - Silicon Valley Business JournalThe Business Times has found that nearly 200 homes have been proposed under the builder's remedy in the Bay Area. Advocates and developers alike say it's likely there are more out there.
Source: svbizjournal - 🏆 334. / 59 Read more »
Splunk lays off more than 170 people in the Bay Area - Silicon Valley Business JournalSplunk plans to lay off more than 170 people in several offices around the Bay Area. Splunk has previously said it plans to cut 4% of its global staff.
Source: svbizjournal - 🏆 334. / 59 Read more »
Google spinoff SandboxAQ raises $500M in funding - Silicon Valley Business JournalThe Palo Alto company said it already has more than 15 enterprise and government customers and is partnering with 30 universities to train the talent it needs.
Source: svbizjournal - 🏆 334. / 59 Read more »