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Location Drives Retail in Evolving Market

PHOENIX—Developers are scooping up older retail properties and commercial buildings to renovate for newer retail purposes in both the Central Business District and the suburbs.

By Lisa Brown | Updated on December 03, 2015

PHOENIX—The Metro Phoenix retail market posted its 16th consecutive quarter of declining vacancy.  The vacancy rate declined to 11.1% at the end of the third quarter with neighborhood and community centers drawing the most leasing activity, according to Cushman & Wakefield.

Metro Phoenix recorded nearly 552,000 square feet of occupancy growth during the quarter, bringing the year-to-date total to 984,000 square feet. The Chandler/Gilbert, Scottsdale, Central Phoenix and Northwest Phoenix submarkets accounted for 83% of the total net absorption for the quarter. All but two of the city’s retail submarkets posted positive net absorption during the three-month timeframe.

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