Colliers International 2020 Q2 Greater Phoenix Retail Market Report

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Q2 2020 Retail Market

The Greater Phoenix retail market ended the second quarter on the upside.

  • Regardless of the retail sector being hit the second hardest of all CRE industries (second to hospitality), the market managed to produce 14,134 square feet of positive absorption.
  • Vacancy settled at 7.3 percent, matching both over-the-quarter and year-over-year levels
  • Rental rates inched up 2 percent year-over-year, but had a decline of 1.6 percent over-the-quarter, ending at $14.82 PSF
  • Investment sales volume (over 10,000 SF & over $1 million) settled at $73 million during the second quarter, a drastic decrease of 67 percent from $223 million in the first quarter of 2020

Outlook: Despite daily negative headlines, retailers are diligently exploring new business solutions to stay open with the pandemic restrictions. A price discovery is still underway, with some community centers and neighborhood centers seeing 5 percent to 7 percent discounts.

As witnessed after two weeks into the reopening of the local economy in May, there is strong pent-up consumer demand to socialize and retrieve some pre-Covid lifestyle with added precautions. Obsolete malls and vacant large big box spaces are primed for entrepreneurial innovation and redevelopment.

In the midst of the COVID-19 outbreak, information and data is emerging at a quick and uneven rate. The information contained herein has been obtained from sources deemed reliable at the time the report was written. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.


Retail Market Colliers International in Arizona

Colliers International 2020 Q2 Greater Phoenix Retail Market Report

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Phillip Hernandez

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As research manager for Colliers International in Arizona, I am responsible for proactively developing and implementing research objectives and directing all research activity for the Arizona offices.

I provide leading-edge, thought-provoking research and analysis of market data for use in producing quarterly statistical market reports for each property discipline, as well as other ad hoc reports, research projects and presentations. I analyze and interpret real estate trends and maintain a database of economic indicators to provide forecasts.

Regardless of the property type or sector, I believe each has a story to tell and that data provides the opportunity to redefine the narrative. With a background in location analytics, I am highly experienced in interpreting complex data sets. Using the latest technology, I developed a system to blend analytics with a visually attractive approach to bring data to life.

Focusing on business development, I leverage market intelligence and insights for thought leadership content strategy in support of client engagement. My goal is to strategically align research and business development efforts and present research in an easily digestible format that promotes Colliers’ market share and revenue growth.

Colleagues describe me as a brilliant storyteller and a passionate, creative and experienced professional.

Prior to joining Colliers, I served as a business analyst at CBRE, where I specialized in creating tailored research reports, as well as unique and interactive applications and dashboards that elevated the market position of assets.

I delivered weekly research updates with relevant lease and sale comps, custom competitive sets and current market activity. I provided complex market and trend analyses, monitored an extensive database of proprietary market data, and delivered custom quarterly and annual reports that were strategically positioned towards targeted clients. I also led weekly department research meetings to develop initiatives surrounding market trends, produce innovative industry solutions and analyze client-centric objectives.

Previously, I was a GIS analyst for the central region of CBRE. Working exclusively with top-performing markets, I created unique models that illustrated custom real estate datasets through location analytics. I produced high-quality geographic and demographic maps, and investigated multiple approaches to storytelling through map and market analytics.

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Casey Koziol

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Phoenix

As a research analyst for Colliers International in Arizona, I deliver in-depth analysis of current market conditions and trends for brokerage professionals and their clients. I compile market statistics across all property disciplines, including industrial, office, retail, healthcare, multifamily and land.

Using various in-house and online resources, I prepare data and background narrative information for market reports, publications and proposals for use by brokers, staff and management to serve the interests of Colliers’ clients.

In support of sales, leasing and business development, I create compelling client-facing presentations that illustrate and interpret real estate and economic trends. I track and analyze all aspects of the commercial real estate market and leverage that knowledge on behalf of Colliers and its clients. I also maintain sales and lease comp databases, monitor tenants-in-the-market activity, and respond to ad hoc research requests.

Clients and colleagues describe me as an ambitious and results-oriented professional, who strives for service excellence. My commitment to integrity, collaborative approach and effective communications make me a valued partner to internal and external clients.

My background includes working with landlord and tenant clients, primarily in the industrial and education sectors. Prior to joining Colliers, I served as a real estate sales and acquisitions intern at Tucson Realty & Trust Company, where I specialized in identifying potential buyers and sellers for commercial properties in the Tucson metropolitan area. Accomplishments included locating a buyer for an industrial storage property in south Tucson and facilitating a 1031 exchange on behalf of a client.

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