Colliers
- Retail vacancy in Greater Phoenix dipped below 10 percent for the first time since 2008 during the third quarter, ending the period at 9.8 percent. Vacancy has declined 50 basis points year over year.
- With vacancy improving, rents appear to have turned the corner. Asking rents inched higher for the second consecutive quarter, and at $13.86 per square foot are now 1.3 percent above year-earlier levels.
- Sales of shopping centers spiked in the third quarter, following minimal activity in the preceding three months. The median price retreated a bit in the third quarter, but the investment climate for shopping centers should strengthen as market fundamentals improve.
Read the Full 3Q 2015 Retail Report
