The Valley has the most retail square footage under construction of any city in the United States, according to a mid-year report.
The Valley has 13.4 million square feet of retail under construction, with the second highest pre-leased rate in the U.S. at 82.8 percent.
The Mid Year 2007 National Retail Report by Co-Star Group said tremendous population growth, low unemployment, good job growth and a relatively low cost of living contributed to the area’s rating.
Shopping centers near freeways brought retail tenants closer to suburbs, according to the report. Tempe Marketplace, one of the nation’s largest retail projects under construction, is located at the intersection of Loop 101 and Loop 202.