Phoenix Unemployment Update: January 2016

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In 2015, the Phoenix office market recorded the largest single-quarter absorption gain since the Great Recession. Total vacancy in Phoenix decreased to 20.9 percent at the close of 2015 and year-to-date total net absorption reached 2,965,982 square feet, which is the best net absorption total since 2006.

Office-using employment sectors continue to experience strong employment growth over the past year, recording an annualized net gain of 13,900 jobs (1.8 percent) across the MSA. Over 2.5 million square feet of office space was delivered in the Metro Phoenix in 2015, the highest construction total since 2008, with an additional 2.5 million square feet currently under construction.

Click here to read the full report or click here to view more research from JLL Phoenix.

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