Phoenix's retail market is continuing to show strength, according to the latest report from CBRE. That comes even as net absorption hit the negative territory in the last three months of the year at -275,194 square feet.
"Store closures from retailers such as 99 Cent Only, Conn’s Home Plus and Big Lots added several big box spaces to the market that have yet to be backfilled," CBRE said in an explanation of the negative absorption.
Plus, it added "Vacancy increased by 20 bps quarter-over-quarter to 5.7%, as a result."
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