• The metro Phoenix retail vacancy declined for the sixth consecutive quarter to 8.0% at the end of Q3 2019 as retail space continues to tighten and new construction remains disciplined.  
  • Construction currently underway is dominated by grocery anchored developments with Sprouts, Fry’s and Whole Foods being active in the market.
  • Construction at the end of the third quarter totaled 883,412 sq. ft. of new product under construction with 302,512 sq. ft. being delivered as of Q3 2019. 
  • The overall average asking lease rate was $16.67 per sq. ft. (NNN) at the end of Q3 2019.
  • Net absorption in the third quarter totaled 323,765 sq. ft. and gross absorption totaled 920,795 sq. ft. bringing the year-to-date total to 888,564 sq. ft.