Phoenix office market on pace to surpass 2 million square feet of absorption

*An artist’s rendering of a proposed apartment project at Third and Pierce streets in downtown Phoenix. /Photo: CA Residential*

AZRE

For the fourth year in a row, the Phoenix office market is on pace to surpass 2 million square feet of absorption, according to the Q2 Phoenix Office Insight Report released today by the Phoenix office of JLL.

According to the report, second quarter absorption totaled 595,346 square feet, representing the Valley’s 16th consecutive month of positive net office space absorption.

Construction also ramped up in the second quarter, with five new office projects breaking ground totaling 638,090 square feet. This includes the Camelback Collective, a 3.62-acre mixed-use office and hotel project representing the first new construction in the prominent Camelback Corridor since 2010. It also includes the first new construction in downtown Phoenix since 2010 (not counting re-development in the Warehouse District) with Block 23, another mixed-use project, scheduled to break ground in August 2017.

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July 6, 2017

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Phoenix office market on pace to surpass 2 million square feet of absorption

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