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At quarter’s end, Phoenix office absorption, while down significantly from last quarter, still posted a negative 497,720 square feet (sf). Overall vacancy rates are up again to 19.9, from last quarter’s 19.1%. New construction activity is down for the fourth straight quarter to 2.8 million square feet (msf) and will continue to do so for the foreseeable future. Deliveries were also down from last quarter to 795,308 sf. In short, as the Phoenix office market continues to find its way through these complex times. Relying on quality information, market fundamentals and realistic expectations, should provide a sober, yet accurate look toward the future.
Contact Matt DePinto at 602.222.5029 for more information.
  Phoenix Office Market Report 1Q09.pdf
Email Report Link To Your Friend
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