Report | Phoenix Office Insight - Q1 2016
Phoenix’s office market continued to show its strength as 2016 began. New space was absorbed almost as fast as it was being delivered in Q1 as the vacancy rate held at 20.9 percent. We expect that number to fall even further throughout the year as firms continue to expand and relocate to the area.
Overall office-using employment numbers continue to grow across Phoenix which translates into greater absorption in a number of the Valley’s premier submarkets.
While speculative construction delivery did fall in Q1 (quarter-on-quarter), more than 2.2 million square feet of space is currently under construction across Greater Phoenix. 80 percent of that is already preleased.
Learn more about what’s happening right now in Phoenix—and what we can expect over the next couple months—by downloading our Q1 2016 US Office Insight.
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