Valley office market improving, but still a long way from normal

office-space-547x198By Kristena Hansen | Phoenix Business Journal

The metro Phoenix office market is making progress, but overall vacancies were still high, and absorption — the true measure of performance — finished the year well below everyone’s expectations. In fact, the 1.2 million square feet of absorption in 2013 was down by more than one-third compared with 2012. Absorption reflects how much rentable space was filled vs. vacated within a certain period.

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