1Q Phoenix office, industrial vacancies down

Screen Shot 2016-04-24 at 1.49.10 PMSource: Colliers International

Colliers International in Greater Phoenix released its Office and Industrial Market Reports for first quarter 2016. Report highlights are outlined below.

Office Market Highlights

The Greater Phoenix office market got off to a steady start during the first quarter. Net absorption was positive, vacancies ticked lower and rents rose. Further strengthening is likely in the months ahead, as employers continue to expand payrolls. Employers added more than 70,000 new jobs in 2015—the strongest calendar year of growth since 2005—and similar gains are forecast for 2016 and 2017.

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