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Phoenix Market Reports

Phoenix Office Market

Average Asking Rent (Price/SF) $25.84
Vacancy Rate (%) 15.1%
Net Absorption (SF) 914,547

Continuing to claim a disproportionate share of national employment growth, the Phoenix MSA secured several new blue chip corporate campuses and expansions in the first quarter of 2019. Adding 64,800 jobs in the trailing 12-months through January, a 3.1% increase, Phoenix continued to significantly outpace the U.S. average of 1.8%. American Express, Intel and Deloitte have announced that they will relocate an estimated 8,500 personnel to new offices in the Greater Phoenix Metro. In addition, Microsoft received approval to build a five-building technology center campus on 279 acres adjacent to Goodyear Airport.

Phoenix Industrial Market

Average Asking Rent (Price/SF) $0.73
Vacancy Rate (%) 7.3%
Net Absorption (SF)   2,659,803

Phoenix has a long unsung history in high-tech manufacturing, with blue chip corporations such as Honeywell, Motorola, Boeing and Intel housing significant engineering and production facilities in the Valley of the Sun. This industry is currently experiencing a renaissance with major corporate relocations and expansions under construction. Corporations can tap into graduates from Arizona State University's MBA in supply chain and logistics (ranked third in the nation), while there is a large pool of highly skilled manufacturing and distribution workers trained by top-notch companies, which also include General Dynamics and Northrop Grumman.

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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