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Phoenix Market Reports

Phoenix Office Market

Average Asking Rent (Price/SF) $26.73
Vacancy Rate (%) 14.3%
Net Absorption (SF) 1,078,103

There is a growing disparity between lagging perceptions and the present reality of Phoenix. Prior to the financial crisis of 2007-2008, employment was concentrated in the highly cyclical industries of retail, hospitality, construction and real estate. This cycle has seen a redistribution of economic activity to higher paying and more recession-proof employment led by healthcare, advanced manufacturing, and professional and business services.

Phoenix Industrial Market

Average Asking Rent (Price/SF) $0.64
Vacancy Rate (%) 8.0%
Net Absorption (SF)  1,123,965

The confluence of several factors supercharged the Phoenix industrial market in the fourth quarter. First, Phoenix's population and employment growth continues to top national charts. Second, e-commerce sales constitute an ever-increasing portion of total retail sales. Third, progress on the China and United States-Mexico-Canada trade agreements has dispelled much of the uncertainty that has been hindering business investment and expansion. Finally, Blackstone acquisitions earlier in the year opened the floodgates to increasing institutional investment in the market.

Phoenix Office Market Report
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Phoenix Industrial Market Report
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Phoenix Retail Market Report
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Local Market Contact:

Charles LeSueur

Senior Research Analyst

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