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    Home » Trends » Phoenix Area Retail Vacancy Increased in Q4
    Trends

    Phoenix Area Retail Vacancy Increased in Q4

    BEX StaffBy BEX StaffMarch 5, 2021No Comments1 Min Read
    Credit: CBRE
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    Retail vacancies increased to 8.0 percent in the Phoenix area at the end of Q4, according to a recently released market report from CBRE. While the market continues to tighten, year-over-year vacancy was steady.

    New construction totaled a modest 686KSF, led mostly by grocery-anchored development and fitness outlets.

    Net absorption was -106KSF, bringing the two-year average to 149.4KSF. Q4’s gross activity was 602.7KSF, and both gross and net absorption showed improvement over Q3.

    Shutdowns and move-outs by Stein Mart and Office Max locations around the Valley contributed strongly to the market negatives, while the opening of a 154.4KSF Costco in the Sun City submarket was a positive highlight.

    For the year in total, negative net absorption in Metro Phoenix totaled 13.3KSF. (Source)

    CBRE Costco CRE commercial real estate net absorption Office Max Stein Mart vacancy
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    Phoenix Wants Multifamily Mixed-Use at 19th & Dunlap Light Rail

    May 30, 20250

    By Roland Murphy for AZBEX The City of Phoenix wants to transform the 19th Avenue…

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