Phoenix office market stabilizes

By AZRE | AZ Big Media

The pandemic’s impact on the Greater Phoenix office market appears to have passed its peak with the market stabilizing in second quarter, according to a report from Colliers. Sublease space additions to inventory have slowed and the market returned to positive net absorption following two quarters of negative activity, according to Colliers in Arizona’s mid-year office market report.

Arizona’s economy has been booming with record revenue growth, as well as personal income growth. The state is projected to add 325,000 jobs in the next 12 months. As pandemic restrictions have begun lifting, many companies have announced a full return of employees to the office after Labor Day. Others are exploring a hybrid approach with some new work-from-home flexibility. This all points to more office occupancy and a slowing in sublease space hitting the market.

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