More employees means more office space for Phoenix

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John-WREBJohn Bonnell, Managing Director of Office Leasing, shared his thoughts with Western Real Estate Business Magazine on Phoenix’s employment outlook and how it impacts the real estate cycle.

Over the last 12 months, Phoenix has added a staggering 42,800 jobs and this trend is showing no signs of slowing. Job growth in the first half of 2013 was just as strong, with 27,200 new positions added. Office employment has seen some of the most dramatic gains, adding 11,100 total jobs over the last six months alone.

As large tenants settle into their spaces, traditional power players like Camelback Corridor and the Downtown / Midtown / Uptown submarkets will benefit from the next wave of office users. Tour activity on the Camelback Corridor is already starting to heat up with engineering firms, technology companies and construction-related providers.

Combined with sustained job recovery, six quarters of rising occupancy, almost no new office construction and more than 5 million square feet of requirements in the market, Phoenix has every reason to expect continued healing and growth in 2013, 2014 and beyond.

If you subscribe to Western Real Estate Business Magazine, read the complete article in the August 2013 edition.

Tweet this: #JLL‘s John Bonnell shares his thoughts on #Phoenix‘s employment outlook and how it impacts the #CRE cycle

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