Phoenix is the sixth-fastest-growing flexible office space market in the U.S., according to a new report from CBRE. Phoenix’s flexible-space inventory grew to 1.16 million square feet by the end of Q2 2019, an increase of 426,000 square feet, or 58.2 percent from a year earlier.
Flexible space now accounts for 1.3 percent of Phoenix’s total office inventory, up from 0.8 percent a year ago. Still, that ratio comes in below the U.S. average of 1.8 percent, indicating that there is room for the sector to grow in Phoenix.
Flexible space is heavily concentrated in the CBD, which accounts for 20.7 percent of the market’s flexible space inventory.