Retail vacancies hit 11.9%, big box vacancies soar

The amount of empty retail space continues to rise in the Phoenix area with vacancy rates hitting 11.9 percent in the first quarter and negative absorption of 398,760 square feet. This is the sixth consecutive quarter marking the loss of more occupied space compared with gains, according to CB Richard Ellis MarketView report. The vacancy rate, up from 11.4 percent in the fourth quarter, compares with 9.7 percent a year ago and 6.5 percent one year ago. The report also cites concerns with the availability of so much big-box space. At the end of the quarter 299 empty spaces greater than 10,000 square feet accounting for 8.4 million feet. That’s up from 132 spaces and 3.9 million feet a year ago, according to CBRE. Total vacant space at the end of the quarter was 17.6 million square feet.

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