2018 Phoenix office absorption led by increasing activity within the Southeast Valley
February 11, 2019
- 2018’s office activity has been largely fueled by users acquiring space throughout the Southeast Valley, locking in 1.9 million square feet of absorption. Phoenix overall’s YTD 2018 absorption figure stands at 1.7 million, with the Southeast Valley cluster accounting for over 100% of the metro’s positive absorption.
- Although Mesa had the least impressive year of all the office submarkets in the Southeast, ASU’s upcoming Mesa expansion has the potential to catapult the submarket in the next three years. Downtown Phoenix saw the same transformation with the inception of ASU’s Downtown campus in 2006, with a complete transformation of walkable amenities and living opportunities.
- The southern end of the Price Rd corridor within Chandler and South Tempe may also see increased activity throughout 2019 with the completion of the 22-mile South Mountain Loop 202 expansion. The viability of certain options increases tremendously, as potential employees can bypass current traffic along the I-10 and existing Loop 202 freeways.
Source: JLL Research
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