The fourth quarter of 2017 brought a spike in net absorption of retail space for the Phoenix retail market, bringing the total for the year to more than 2.8 million square feet. This was the highest level of net absorption posted since 2007, according to the year-end retail report released by Colliers International in Greater Phoenix. You can read the entire report by clicking here.
Net absorption for fourth quarter exceeded 1 million square feet. A large portion of the absorption took place in high-income, fast-growing areas of the Southeast Valley area. Chandler and Gilbert combined to account for approximately 20 percent of the total net absorption for the Greater Phoenix retail market in 2017.