The national economic growth cycle moved into uncharted territory on July 1, as the United States broke the record of 120 months of economic growth, according to the National Bureau of Economic Research. As of September 1, the run has reached 122 months of economic growth.
Here in Arizona, we are seeing that growth first-hand, most notably in the development of office and industrial properties. Nearly 3 million square feet of office product and 7 million square feet of industrial space is expected to come online before 2019 ends. Absorption rates remain solid and vacancy rates are at or below record levels while rents continue to climb.