The Phoenix office market recorded some of the highest absorption gains in the country last year. Halfway through 2017, the market is still going strong. Phoenix ranked No. 3 for positive net absorption year-to-date, trailing behind only Seattle-Bellevue (2.8 m.s.f.) and Dallas (2.6 m.s.f.).
The 1.5 million square feet of positive absorption recorded in Phoenix represented 1.8 percent of the market’s inventory. Relative to market size, only Seattle absorbed a higher percentage of its inventory at 2.9 percent.
Phoenix has averaged 687,000 square feet of net absorption per quarter since 2014 and is on pace to exceed 2.5 m.s.f. in 2017. Phoenix is projected to finish the year among the top performing office markets in the U.S.
Source: JLL Research
Learn more about the Phoenix office market by downloading our Q2 Phoenix Office Insight Report.
About the author
Keeley Byer is a market research analyst for the JLL Phoenix office. With four years of market research experience and eight years of commercial real estate technology experience, he continually tracks and analyzing trends affecting the Phoenix Metro commercial real estate market.