, managing director at Northmarq, said certain categories of retail, such as convenience stores and dollar stores, tend to have aggressive growth plans in any given year.
The national vacancy rate for neighborhood and community shopping centers remained flat, at 10.3%, for the fifth straight quarter, according to Moody's. With less vacant retail space sitting on the market, that could present new challenges for companies accustomed to backfilling that space. "Those characteristics in 2022 and heading into 2023 are better than they were in the past," Graziano said."Retail was really the first property type to take a hit during Covid."
Still, total retail sales between Nov. 1 and Dec. 24 — the primary holiday shopping season — were up 7.6% on an annual basis while in-store spending grew 6.8% as compared to last year, according to the MasterCard SpendingPulse published in late December. Restaurants had a big comeback, in particular, with 15.1% more spending in those establishments this holiday season.
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Phoenix-area projects to watch in 2023: Semiconductors, resorts and water parks - Phoenix Business JournalWhile several large manufacturing projects are being developed across the Valley, the Phoenix metro is also expected to see growth with new resorts, entertainment, retail and office projects in 2023. Here are the 21 largest projects expected to take shape in the new year.
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