AZRE Magazine
“Game on” seems to be the sentiment of Phoenix office tenants as they continue to bounce back from the recession, albeit with smaller work spaces that must achieve greater efficiencies with a reduced footprint. Suburban office markets—primarily in Tempe, Chandler and the Camelback Corridor—that are close to employees and offer higher-density parking are leading this trend, according to JLL’s Spring 2014 U.S. Skyline Review .
“The Phoenix Skyline experienced the full force of the recession, and most of its tenant base shed jobs and reduced their real estate footprints in response,” said Dennis Desmond, Senior Managing Director in the Phoenix office of JLL. “But Phoenix jobs are returning, and with them a steady growth in occupancy that is tightening and pushing rental rates Valley-wide. Over the next several years, we expect this to have the same impact on the Downtown and Midtown Skyline submarkets.”
