AZRE
Net absorption of retail space in Greater Phoenix surpassed 500,000 square feet for the second quarter in a row, which signaled continued improvement for the market. Limited construction of new space and tightening vacancy forced rental rates up during the last three months.
“The limited addition of new space means that new and expanding retailers are backfilling vacant space,” says Pete O’Neil, research director with Colliers International in Greater Phoenix. “This trend is helping the market recover from recent closings of national retailers as that space is re-purposed.”
The total net absorption for the first half of 2018 is up nearly 10 percent over the absorption posted during the first six months of 2017.
