Phoenix Ranks Highest Amongst US Cities for Retail Distress
An article in the Phoenix Business Journal points to a survey done by Places Magazine which ranks Phoenix as the worst retail market in terms of vacancy rates and speed of deterioration, new inventory in the pipeline, net absorption and preleasing activity. The remainder of the top 5 were Las Vegas, Kansas City, Atlanta and Birmingham. New York rated the best in the survey of 63 US metropolitan areas. No surprise there.
I would have thought Las Vegas would have ranked higher than Phoenix because of the reliance on tourism. I guess 2nd place in this survey is just as bad. The full list is below and the report is embedded below that. I have bolded the California trade areas.
Metropolitan Markets By Potential for Distressed Retail Real Estate Assets
1. Phoenix
2. Las Vegas
3. Kansas City
4. Atlanta
5. Birmingham
6. Indianapolis
7. Memphis
8. Detroit
9. Sacramento
10. Providence
11. Houston
12. Dayton
13. Dallas / Ft Worth
14. Chicago
15. Inland Empire
16. Tucson
17. Jacksonville
18. West Michigan
19. Broward County
20. Columbus
21. St. Louis
22. Denver
23. Southwest Florida
24. Cincinnati
25. San Antonio
26. Palm Beach County
27. Philadelphia
28. Tampa / St Petersburg
29. Orlando
30. Austin
31. Greensboro / Winston-Salem
32. Northern New Jersey
33. Hartford
34. Nashville
35. Pittsburgh
36. Tulsa
37. Madison
38. Richmond
39. Toledo
40. Cleveland
41. Greenville / Spartanburg
42. Westchester / So Connecticut
43. Hampton Roads / Norfolk
44. Charlotte
45. Raleigh / Durham
46. Oklahoma City
47. Milwaukee
48. Portland
49. Seattle / Puget Sound
50. Salt Lake City
51. Miami-Dade County
52. Los Angeles
53. Washington
54. Boston
55. Minneapolis
56. East Bay / Oakland
57. Baltimore
58. Orange County
59. South Bay/San Jose
60. San Diego
61. Long Island
62. San Francisco
63. New York City
