The State of Arizona is projected to gain over 800,157 new residents over the next five years, or almost 160,100 residents per year. Of this amount, approximately 71% (567,727 total) of the forecast growth is projected to occur in the Phoenix-Mesa MSA. Water availability and employment issues are driving this growth in the Phoenix area, where approximately 65% of the state’s inhabitants currently reside.
The West Phoenix Submarket (which includes Goodyear) has one of the best overall retail vacancy rates at 4.3 percent. Strip retail statistics for the West Phoenix submarket indicate a 4.5 percent vacancy rate among 52 properties quoted. Litchfield Road and McDowell Road serve as the dominant shopping corridors for the trade area that includes portions of Goodyear, Avondale, Litchfield Park and other communities. La Piazza is well-located on McDowell Road one block west of the intersection of McDowell and Litchfield in the heart of the highly successful Palm Valley master-planned community.
La Piazza is located diagonally across the street from Target and Best Buy power centers where rents are currently more than 50 percent higher than La Piazza. La Piazza is currently 100% leased to 13 local and regional tenants. The 2007 Estimated Average Household Income is $97,964, $81,867 and $75,629 within one, three and five mile radii respectively making the location very attractive to small entrepreneur type retail and office tenants.