Arizona has become a magnet for a significant migration wave, with Phoenix (the state’s capital and largest city) at the epicenter of this population boom. The population has increased by 11% over the past decade, outpacing the national growth rate, according to the U.S. Census Bureau. The Greater Phoenix Chamber reports that the metro […]
October 2023 Office Market Report The Phoenix office market continues to navigate through an extended period of demand disruption, as evidenced by roughly 1 million SF in negative net absorption during 23Q2. Very Spooky! This brings total negative absorption to 2.1 million over the past 12 months. The pullback contributed to an increase […]
Higher commercial mortgage rates are freaking people out, even our children! And there is a chance they may go up one more time before the end of 2023! That has had a noticeable drag on sales volume as the market navigates a period of price discovery. About $1.2 billion worth of industrial assets traded […]
July 2023 Office Market Report Sublease availability has jumped from an average of 2.1 million SF before the pandemic to 7.6 million SF, representing 3.9% of the total office inventory. These figures rank Phoenix as one of the most impacted markets in the country. The investment market is feeling the impact of […]
July 2023 Q2 Industrial Market Report The Phoenix industrial market is approaching a period of transition as rent growth is downshifting from the unprecedentedly strong pace seen in 2022 to a much more typical trajectory. Still, rent gains have consistently outpaced those seen at the national level, which is expected to continue in […]
May 2023 Office Market Report – Don’t Have a Cow, Man! Office vacancies continue to remain higher than pre-pandemic levels as many companies have downsized their office space while many of their employees are now working from home. While a recent up-tick in demand for office space has occurred, we have yet […]
The Phoenix industrial market is approaching a period of transition as one of the most ambitious construction pipelines in the country begins to deliver in the coming year. A record 55.3 million SF of industrial space is currently underway, about 75% of which is being built without a tenant in place. So far, strong […]
The Phoenix office sector has yet to find its footing as the adoption of hybrid work environments has upended traditional market dynamics. Companies are reevaluating their space needs, and many have opted to downsize their footprint or close offices altogether. This has led to a significant pullback in demand for office space with eight […]
It’s no secret that the Valley’s industrial market has boomed significantly over the last few years with major brands like Amazon, Facebook and Red Bull joining other big names putting Phoenix on the map for growth and expansion. All this growth has been a contributing factor to the dramatic increase in pricing that’s occurred […]
Many office tenants have become more comfortable locking in long-term leases in the past year, and quarterly leasing volume returned to pre-pandemic levels. Simultaneously, some tenants who found their remote workers performed well during the pandemic will continue to allow various forms of home-based work. These tenants are relinquishing unused office space, and as […]