Phoenix Office Market Report (Q1 2021)

Phoenix Office Market Report (Q1 2021) 15 Apr 2021

Recent large lease deals for corporate occupiers as well as relocating start-ups from California are helping assure a positive outlook for the Phoenix Office Market. While record negative absorption this quarter is stark, relative to the rest of the nation, Phoenix is highly competitive and poised for a strong recovery. Its momentary problems are shared by every major US market, but its advantages are unique.

 

Quick stats

Total office market inventory: 97.3 msf 

Overall vacancy rate: 18.7%

Net absorption: -1.4 msf 

Total investment sales: $330.2M 

Overall average asking rate: $28.75 psf 

 

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