The Metro Phoenix office market gladly said goodbye to 2024, its worst year on record for net absorption. Reaching a total of -2.1 million SF, office tenants gave back more space in 2024 than even the worst year (2009) following the Great Financial Crisis: -1.3 million SF. {Click to Tweet } This means that companies are not done right sizing to …
1-Minute Phoenix Metro Office Market Update: Q4 2024 Read More »
The Phoenix office market is on track to suffer from its worst year of net absorption on record. A third consecutive quarter of negative absorption (-740,026 SF) brought the year-to-date total to -2.1 million SF. This is the most negative absorption in our history and we still have Q4 to go. Direct vacancy increased to 19.9%, assisted by sublease space …
1-Minute Phoenix Metro Office Market Update: Q3 2024 Read More »
The Metro Phoenix Office Market continues to navigate tough waters caused by the effects of COVID-19 and the Work from Home (WFH) phenomenon. Q2 2024 proved to be the worst quarter on record for net absorption, posting -883,286 SF. Compounded by the first quarter’s -497,019 SF, Metro Phoenix is on pace to set an annual record for office space shed. Negative …
1-Minute Phoenix Metro Office Market Update: Q2 2024 Read More »
The Metro Phoenix Office Market remains in correction mode. No one knows to what extent it will correct nor when there will be a significant number of distressed sales…but we think there will be some. Here are the numbers behind the correction happening now in the market: In Q1 2024 net absorption, the most telling indicator of market …
1-Minute Phoenix Metro Office Market Update: Q1 2024 Read More »
The Metro Phoenix Office sector had a tough 2023, ending the year with overall negative net absorption for the first time since 2010. This is concerning, but there is a silver lining in Q4 that stopped a three-quarter losing streak of negative absorption. Q4 2023 saw 68,616 SF of positive net absorption, however not enough …
For Review 1-Minute Phoenix Metro Office Market Update: Year End 2023 Read More »
