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
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.
Construction activity is robust in the Phoenix market, and is expected to continue through at least the first half of 2018 based on current forecasts. Office, industrial and multifamily development is at an all-time high, and there are many new ground-up, build-to-suit projects underway throughout the… Read More
Total positive net absorption in Phoenix exceeded 3.1 million square feet for the year, the most recorded demand in the Valley since 2005 when more than 4.0 million square feet was taken up by the market.
A majority of that absorption continued to be in the Southeast Valley. For the past 10 years, the Southeast Valley has accounted for more than 67 percent of the entire Phoenix Metro office absorption when it… Read More
Construction-related companies lead charge of mid-sized users
Although Phoenix has recovered all of the jobs lost during the recession, the construction employment sector is still more than 80,000 jobs away from its previous peak.… Read More
Economic uncertainty coupled with political brinkmanship in an already slow recovery led to hesitation among many tenants in 2013. Office leasing activity in Phoenix dropped below the 10-year average of 6.4 million SF in 2013, but expect this trend to reverse as tenants begin to re-evaluate their real estate needs in… Read More
JLL’s newly-released U.S. High-tech Office Outlook indicates High-tech services employment growth beats U.S. employment growth by 2.2 times, driving office real estate demand in key markets across the country. No signs of a bubble here: conservative funding, stable IPO activity, and accelerator and incubator launch pads stabilize growth.
Phoenix is an emerging technology… Read More
John Bonnell, managing director of Agency Leasing, recently shared his thoughts with the Phoenix Business Journal on the Camelback corridor and overall Valley office trends. While the Camelback corridor is widely regarded as a highly sought after submarket, recent reports indicate otherwise.
The Camelback corridor posted an average 27.4 percent vacancy rate for the first half of 2013, surprisingly higher than the Valleywide average… Read More
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Anthony Lydon, National Director, Supply Chain and Logistics, recently sat down with Western Real Estate Business magazine to share his perspective on the state of the industrial market. Here is an excerpt from that Q&A.
Q: What are the biggest industrial trends occuring in your market?
A: Between new speculative development and design-build projects, construction is the key force driving the Phoenix industrial market forward. Because of this… Read More