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Phoenix Market Reports

Phoenix Office Market

Average Asking Rent (Price/SF) $27.17
Vacancy Rate (%) 14.3%
Net Absorption (SF) 65,948

After a breakout year in 2019 that featured significant relocations and expansions, including USAA, American Express, Deloitte, Nationwide Insurance, Allstate Insurance and Northrop Grumman, the Greater Phoenix Metro saw several additional headline expansions in the first three months of 2020.

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
1Q20
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Phoenix Industrial Market Report
4Q19
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Phoenix Retail Market Report
3Q19
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Local Market Contact:

Charles LeSueur

Senior Research Analyst
602.952.3856

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