• Steady population and job growth support consumer spending, which will attract retailers and boost demand for space through the end of the year. 
  • Phoenix retail metrics stabilized through Q2 2019. Big-box retailers, dominated by fitness, were especially active in 2018 and this trend continued into Q2 2019 with fitness leading the leasing activity across the Valley. 
  • The market-wide vacancy rate decreased 20 basis points (bps) quarter over quarter to 8.1%.  One year ago, the market-wide vacancy rate was 8.4%. 
  • Net absorption in the second quarter totaled 284,613 sq. ft. and gross absorption totaled 1,081,994 sq. ft.
  • The overall average asking lease rate was $16.80 per sq. ft. (NNN) at the end of Q2 2019.