AZRE
Greater Phoenix posted a very strong third quarter in the retail real estate sector, with highest net absorption in several years and vacancy dropping to its lowest level in nearly a decade. Access the full report by Colliers International in Greater Phoenix by clicking Here.
Net absorption during third quarter 2017 totaled more than 680,000 square feet, marking the strongest quarter in four years. This brings the year-to-date net absorption figure to more than 1.6 million square feet and Colliers anticipates the year will finish on pace with more than two million square feet of retail net absorption in Greater Phoenix. After holding steady during the first half, vacancy dipped this past three months to 8.9 percent. This is the lowest vacancy rate in eight years. Home furnishing stores have stimulated net absorption in the market. American Freight has committed to its first four stores in Arizona this year. The growth of home furnishing retailers is a good signal of a stronger housing industry and growing population.
