Phoenix office market improving at fastest pace

Phoenix office market

Phoenix office marketBy Lisa Brown | GlobeSt.

The Greater Phoenix commercial real estate market closed 2015 on a fairly high note, with most property sectors showing strengthening fundamentals. The office market is improving at the fastest pace, with vacancies tightening and rents rising, according to a report by Colliers International Phoenix. Net absorption of office space topped 1.9 million square feet in the fourth quarter, bringing the total for all of 2015 to more than 3.5 million square feet. This drove the vacancy rate down to 17.2%, 90 basis points lower than one year earlier.

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