Valley office market continues to roll along

Screen Shot 2016-01-26 at 8.59.31 AMBy Lisa Brown | GlobeSt.

Metro Phoenix office market posted its strongest quarter of absorption in since 2005 with 1.5 million square feet during fourth quarter 2015. The year closed with a total 2015 absorption of 3.3 million square feet and occupancy growth in 17 of the 22 metropolitan submarkets during the fourth quarter. Vacancy in Phoenix closed the year at 18.7%, down 20 basis points from the previous quarter and down from 19.1% at year-end 2014, says Cushman & Wakefield.

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