By Real Estate Daily News
Colliers is reporting the first three months of 2017 brought robust net absorption to the Phoenix retail market, according to a report released by Colliers International in Greater Phoenix. Net absorption outpaced expectations, vacancy dropped lower and asking rents elevated, which all contributed to an optimistic outlook for the remainder of the year.
Net absorption in the metro area exceeded 700,000 square feet during first quarter. During the past 12 months, tenants have expanded occupancy by nearly two million net square feet of retail space. This marks the strongest quarter of tenant move-ins in more than a year. Net absorption has averaged approximately 500,000 square feet per quarter over the past five years and the first quarter is traditionally the weakest of the year.