Phoenix office absorption hits 10-year high

Serendipity Labs leased 31,367 square feet in the Camelback Corridor’s new Camelback Collective. / AZBigMedia

AZBigMedia

According to JLL’s Q1 Phoenix Office Market Report, metro Phoenix has absorbed more than 1 million square feet of office space since the first of the year – a quarterly high not seen in over 10 years. This is already massively ahead of 2018, which though a notable year for local office space recorded 1.7 million square feet in total absorption for the full 12 months.

Of the 1.05 million square feet absorbed in the first quarter, JLL served on either the landlord or tenant side of 682,012 square feet of space – or 64.5 percent of all office transactions to date this year.

“The continued positive absorption numbers and growth in metro Phoenix is obviously very exciting. We are optimistic that more job creation in all types of industries will continue here and are optimistic for a continued strong 2019,” said JLL Senior Managing Director Pat Williams. “We are equally excited to have our JLL team involved in so many of the first quarter transactions that resulted in these positive numbers. It’s a testament to our great clients and the JLL team members here in Phoenix.”

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