Phoenix Big Box Retail 1H 2024

-Big box absorption increased by roughly 31% during the first half of 2024 in comparison to the second half of 2023. However, big box availability remained relatively steady.

-Slick City, an indoor family action park entered the Phoenix market aggressively, committing to 3 leases during the first half of 2024. Entertainment retailers continue to account for the bulk of big box leasing activity in the Valley.

-As of July, there were only two spaces available in the under-construction pipeline of at least 30,000 sq. ft., which may keep big box availabilities limited in the near-to-mid term.