Metro Phoenix recorded 2.1 million total square feet of office absorption in 2017. This marks the fourth straight calendar year with at least 2.0 million square feet of positive absorption gains, the longest streak of its kind ever recorded in the Phoenix office market. The total also ranks Phoenix as the fourth highest market with absorption gains in the United States. Phoenix ranks behind… Read More
As the commercial real estate market in Metro Phoenix continues to climb slowly and steadily, the industrial market is projected to hit all-time absorption records by the end of 2017 while the office market is expected to surpass 2.0 million square feet for the fourth year in a row, according to our recently published Q3 Insight reports.
There was nearly 1.5 million square feet of new office under construction in Metro Phoenix at the close of the third quarter 2017. Over half of the new construction is pre-leased, occurring mostly in build-to-suit projects. The majority of development in the Valley is located in the Southeast Market Area, totaling 960,548 square feet.
Major sports events held at the University of Phoenix Stadium have created an overall economic impact of more than $1.3 billion over the past three years. The most recent event, the 2017 NCAA Final Four, generated $324.5 million for the Phoenix economy. Over the four day weekend, more than… Read More
The average asking rent in Metro Phoenix reached $24.91 per square foot (Full Service Gross) in in the first quarter of 2017. Asking rents have increased 4.9 percent from one year ago and have surged 22.8 percent since 2012.
Phoenix asking rents are still 7.1 percent below the pre-recession peak… Read More
According to the BLS, total non-farm employment in Metro Phoenix reached 1,973,000 payrolls in March 2016, representing an annualized increase of 69,900 jobs or 3.7 percent. Meanwhile, unemployment continues to improve, decreasing to 4.5 percent, down 80 basis points from one year prior.
Click here to download our full May Employment Update report.