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Phoenix retail leasing activity flat lined at the end of 2018 with relatively flat leasing activity and an unchanged vacancy rate. This was a surprise following a strong performance for the first three quarters of 2018. Despite the blip in activity, the Phoenix retail market closed the year strong with vacancy at 7.8%, an 80 basis point year-over-year decrease, and 2.1 million square feet of net absorption, according to research from Colliers International. As a result, 2018 was the second strongest year for next absorption since 2013.

“There were a lot of purchase transactions and lease deals in the earlier part of the quarter, and when the latter half of December hit, the market slowed down,” Thomas M. Brophy, research director of Arizona at Colliers International, tells GlobeSt.com. “It doesn’t seem like there is any kind of trend so far. We have moved at a fine clip at the first part of this year, and it feels like we haven’t skipped a beat. It was a 20-day pause in December.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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