Due to the improving economic environment, tenants are finding an increasingly supply-constrained office market in the Greater Phoenix area as there are fewer ideal options to select from. As Class A total vacancy rates decrease and asking rents continue to climb, tenants in search of office space are gravitating towards Class B product. In the second quarter of 2016, Class A office space accounted for only 37 percent of the total… Read More
According to JLL’s 2015 Law Firm Perspective, law firms across the U.S. are warming up to the idea of occupying creative office space. They are even locating outside of traditional CBD’s as rents continue to rise and the availability of quality Class A office space diminishes.
Are these national trends true to the Phoenix market?… Read More
2014 Phoenix Skyline Report now available
“Game on” seems to be the sentiment of Phoenix office tenants as they continue to bounce back from the recession, albeit with smaller work spaces that must achieve greater efficiencies with a reduced footprint. Suburban office markets—primarily in Tempe, Chandler and the Camelback Corridor—that are close to employees and offer… Read More
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John 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.… Read More