LEASING REMAINS ON SLOWER TRACK
Deal volume totaled 7.2 million square feet (msf) during the four most recent quarters, falling well short of the long-term average of 10.2 msf.
AVAILABILITY RATE INCHES HIGHER
The availability rate* for the region ticked up by 20 basis points to 19.4%. The Class A availability rate also increased by 20 basis points, rising to 19.5%.
RENT JUMPS
The overall asking rent in Phoenix jumped by 3.3% to $26.32, and rose by 7.3% yearon-year.
SALES INCREASE
Office property sales during the last six months (through May 2018) totaled $2.1 billion, a 166% increase compared to the previous six-month total of $798 million.
“Availability has slowly started to increase as the pace of larger corporate relocations slows and new construction activity heats up. Tenants are finding a few more options in the Central Corridor and Camelback Corridor."
Tiffany Winne, Executive Vice President