Phoenix office insight - Q2 2018

Construction costs have increased over 20 percent in the last year due to rising labor costs and a significant increase in material costs. Even with these higher costs, the metro continues to show strong growth, justifying why both local and national developers still have Phoenix as one of their top choices. Healthy demand and costlier new product have pushed overall asking rents up to a higher level than ever before. Rising costs have tenant improvement allowances on the rise, a trend expected to continue in the coming quarters.

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