Declining vacancy spurs new office developments in Phoenix

AZBigMedia

The Greater Phoenix office market kicked off 2018 with stronger momentum in net absorption that experienced in recent years. Vacancy dropped to 15.5 percent and the pipeline of construction projects in this product category is filling. This is all noted in a recent first-quarter report released by Colliers International in Greater Phoenix.

Office tenants moved into a net of approximately 679,000 square feet during the first three months of the year. This net absorption level was a retreat from fourth quarter 2017, but stronger than first quarters of previous years. 

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