AZRE | AZ Big Media
The Greater Phoenix retail market finished the second quarter with positive net absorption, despite the impact of pandemic business interruptions, according to a report from Colliers International. Vacancy remained healthy, but experts look towards the second half of the year to determine the long-term effects of COVID-19.
The retail sector posted positive net absorption of 14,134 during the second quarter. West Valley with 88,540 square feet, North Phoenix with 76,551 square feet and South Mountain with 56,928 square feet, were the leading submarket clusters. Scottsdale experienced the largest negative net absorption, primarily because of national brand gyms and home décor store closures.
