Phoenix office report: total vacancy drops to 9-year low

By AZRE

The Phoenix office real estate market experienced over a million square feet of positive net absorption, strong leasing activity and steady rental rates during the first quarter of 2017, according to Kidder Mathews’ Phoenix office Q1 2017 report.

Direct vacancy decreased to 15.9 percent, a 120 basis point decrease from this time last year. The total vacancy level of 15.9 percent hasn’t been seen since the second quarter of 2008. The strong local economy and job creation should drive real estate market growth for many quarters to come. The Phoenix unemployment rate sits at 4.5 percent, only a 10 basis point decrease from the 4.6 percent recorded this time last year.

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