Retailers and restaurants looking to lease space in Phoenix, especially in the West Valley, may want to move quickly.
There are not a lot of vacancies and the competition for spaces is dialed up to a record level, according to data from CoStar.
On a national level, the average time from when a space becomes available to securing a tenant has declined to just more than eight months, the quickest pace recorded in more than 20 years, CoStar reports.
In the Valley, the length of time to close on leases is even less than the national average. CoStar’s first quarter data showed that the West Phoenix submarket – which includes hot markets like Buckeye and Surprise – was closing deals an average of 3.8 months from the time of the listing.
