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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.
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