Metro Phoenix has seen a trend like no other before, the end of second quarter 2018 it marked its 20th straight quarter of positive absorption recording at 327,392 square feet and reaching just over a million square feet of YTD absorption.
The strength of the under construction product in also another strong area for the Phoenix Office market, reaching over 2.7 million square feet under construction, this product is already 30 percent accounted for and there is an additional 4.6 million square foot requirement holding strong in the metro in addition to the product currently under construction.
The market is projected to extend this streak into the remainder of 2018. With projected large move-ins will drive net absorption up and create a need for continued development and creative use of space throughout the metro area.
Source: JLL Research
About the author
Jennifer Farino is a market analyst in Phoenix, responsible for tracking and analyzing all local real estate market fundamentals. She works closely with brokerage and support professionals throughout the western region as well as colleagues throughout the global JLL organization to provide best-in-class research that differentiates JLL.