By Russ Wiles | The Republic
Walkable urban centers in Tempe, Scottsdale and along the Camelback Corridor in Phoenix are helping to set the tone for an improving Valley office market, according to a new report.
Office leasing has strengthened over the past year, helped by steady job growth and demand for space, said CBRE Research.
Roughly 3.2 million square feet of office space was absorbed last year, including 415,000 square feet in the fourth quarter, as the vacancy rate ended the year at 17.4 percent, down from 19.4 percent one year earlier. A limited amount of completed construction was another factor leading to increased absorption and declining vacancy rates.
