What's Hot

    Arterial Life Cycle Program Covers 20 Years of Street Development

    June 27, 2025

    Phoenix-to-Tucson Rail Study Advances

    June 27, 2025

    Kimpton Hotel Palomar Phoenix to See $5.5M in Renovations

    June 27, 2025
    Facebook Twitter Instagram
    AZBEX
    NEWS TICKER
    • [June 27, 2025] - Arterial Life Cycle Program Covers 20 Years of Street Development
    • [June 27, 2025] - Phoenix-to-Tucson Rail Study Advances
    • [June 27, 2025] - Kimpton Hotel Palomar Phoenix to See $5.5M in Renovations
    • [June 27, 2025] - Arizona Projects 06-27-25
    • [June 24, 2025] - Hobbs, Legislators Reach Water Use Compromise
    • [June 24, 2025] - $56M+ MAG Program will Enable $90M in Arterial Street Widening Projects
    • [June 24, 2025] - Queen Creek Council OKs Amendment for 166-Unit Townhome Project
    • [June 24, 2025] - Ariz. Construction Shed 1,700 Jobs in May
    Facebook Twitter YouTube LinkedIn
    • Home
    • News
      1. View Latest
      2. Planning & Development
      3. Local News
      4. Classifieds
      5. Editorial Analysis
      6. Budgets & Funding
      7. Commercial Real Estate
      8. People on the Move
      9. Arizona Projects
      10. Legislation & Regulations
      11. Trends

      Phoenix-to-Tucson Rail Study Advances

      June 27, 2025

      Kimpton Hotel Palomar Phoenix to See $5.5M in Renovations

      June 27, 2025

      Queen Creek Council OKs Amendment for 166-Unit Townhome Project

      June 24, 2025

      Bullhead Resort in Limbo After Continued No-Shows at Land Auction

      June 20, 2025

      Arterial Life Cycle Program Covers 20 Years of Street Development

      June 27, 2025

      $56M+ MAG Program will Enable $90M in Arterial Street Widening Projects

      June 24, 2025

      Ariz. Construction Shed 1,700 Jobs in May

      June 24, 2025

      MAG Committee Info Details Upcoming Pavement Plans

      June 20, 2025

      Glendale Voters to Determine VAI Resort’s Fate

      May 16, 2025

      Legislation Would Effectively Strip NIMBYs of Referendum Tool

      February 11, 2025

      2025 Forecast Tries to Clarify an Uncertain Market

      February 7, 2025

      KOREPlex Buckeye Site Quietly Listed For Sale

      January 31, 2025

      Arterial Life Cycle Program Covers 20 Years of Street Development

      June 27, 2025

      $56M+ MAG Program will Enable $90M in Arterial Street Widening Projects

      June 24, 2025

      MAG Committee Info Details Upcoming Pavement Plans

      June 20, 2025

      MAG Meetings Detail Prop 479 Freeway Life Cycle Plans

      June 17, 2025

      Commercial Real Estate 06-24-25

      June 24, 2025

      Commercial Real Estate 06-17-25

      June 17, 2025

      Commercial Real Estate 06-10-25

      June 10, 2025

      Commercial Real Estate 06-03-25

      June 3, 2025

      Industry Professionals 06-24-25

      June 24, 2025

      Industry Professionals 06-17-25

      June 17, 2025

      Industry Professionals 06-10-25

      June 10, 2025

      Industry Professionals 06-03-25

      June 3, 2025

      Arizona Projects 06-27-25

      June 27, 2025

      Arizona Projects 06-20-25

      June 20, 2025

      Arizona Projects 06-13-25

      June 13, 2025

      Arizona Projects 06-06-25

      June 6, 2025

      Hobbs, Legislators Reach Water Use Compromise

      June 24, 2025

      Phoenix Delays Data Center Rezone Vote

      June 20, 2025

      More Cities Considering Data Center Restrictions

      June 18, 2025

      Phoenix Considering Data Center Development Restrictions

      May 21, 2025

      Ariz. Construction Shed 1,700 Jobs in May

      June 24, 2025

      NABH Council Partnership Wants to Expand Workforce Pipeline

      June 17, 2025

      Project Abandonments Hit a Record in May

      June 13, 2025

      U.S. Construction Added 4,000 Jobs in May

      June 10, 2025

      Arterial Life Cycle Program Covers 20 Years of Street Development

      June 27, 2025

      Phoenix-to-Tucson Rail Study Advances

      June 27, 2025

      Kimpton Hotel Palomar Phoenix to See $5.5M in Renovations

      June 27, 2025

      Arizona Projects 06-27-25

      June 27, 2025
    • AZBEX
      • Subscribe
      • Classifieds
      • Advertising
    • DATABEX
      • Webinars
      • Monthly Snapshot
    • Events
      • 2025 Mid-Year Update
    • About Us
      • Meet the Company
      • Meet the Sales Team
      • Meet the Editorial Team
      • Meet the BEXperts
    AZBEX
    Home » Trends » Phx Hits 6 Years of Positive Net Office Absorption
    Trends

    Phx Hits 6 Years of Positive Net Office Absorption

    BEX StaffBy BEX StaffJuly 26, 2019No Comments2 Mins Read
    Courtesy of JLL
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Source: JLL

    The Phoenix office market has achieved 24 straight quarters – or six straight years – of positive net office space absorption, according to the JLL Q2 Phoenix Office Insight report. At the same time, vacancy has decreased by 11 basis points, marking its lowest level in almost 12 years.

    According to JLL, the Phoenix office market ended the second quarter with 2.17MSF of year-to-date net absorption, a rate that exceeds the last peak in the market, which occurred in 2016. The overall vacancy rate sits at 17.8 percent and average asking rents have reached $27.18 per-square-foot, a notable 22 percent increase year-over-year.

    There is currently 1.9MSF of active new office construction underway. This adds to 546KSF of new space delivered during the second quarter, including two Allred buildings totaling 270KSF within the Price Road Corridor in Chandler and the 123KSF Chaparral III building on Pima Road in Scottsdale.

    According to projections, however, this still falls short of meeting the demands of prospective tenants who collectively are looking for 3.2MSF of space and already have signed 1MSF in leases that are expected to occupy by year end.

    “The Phoenix office market continues to have unprecedented leasing activity, making it one of the tops in the nation for positive net absorption,” said JLL Senior Vice President Chris Latvaaho. “The demand for space continues to outpace our existing supply and includes a growing list of premier, out-of-state companies who have planted a corporate flag here in the Valley.”

    Companies establishing a new Valley location this year alone include Benchmark Electronics from Texas and Bridgepoint Education from California.

    Demand among organizations like these keep REITS, institutional investors, private and foreign capital interested and active in the metro Phoenix market, particularly within the Camelback Corridor, Downtown/Midtown and Southeast Valley submarkets. Together, this activity represented more than $271M in transactions during the second quarter, a 36 percent increase over the first quarter.

    Allred Benchmark Electronics Bridgepoint Education Camelback Corridor Chaparral III JLL Price Road corridor Q2 Phoenix Office Insight
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email

    Related Posts

    Ariz. Construction Shed 1,700 Jobs in May

    June 24, 2025

    NABH Council Partnership Wants to Expand Workforce Pipeline

    June 17, 2025

    Project Abandonments Hit a Record in May

    June 13, 2025

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Our Picks

    Arterial Life Cycle Program Covers 20 Years of Street Development

    June 27, 2025

    Phoenix-to-Tucson Rail Study Advances

    June 27, 2025

    Kimpton Hotel Palomar Phoenix to See $5.5M in Renovations

    June 27, 2025

    Arizona Projects 06-27-25

    June 27, 2025
    Stay In Touch
    • Facebook
    • Twitter
    • LinkedIn
    • YouTube
    Don't Miss
    Budgets & Funding

    Arterial Life Cycle Program Covers 20 Years of Street Development

    June 27, 20250

    By Roland Murphy for AZBEX With implementation of the Maricopa County Proposition 479 half-cent transportation…

    Phoenix-to-Tucson Rail Study Advances

    June 27, 2025

    Kimpton Hotel Palomar Phoenix to See $5.5M in Renovations

    June 27, 2025

    Arizona Projects 06-27-25

    June 27, 2025

    BEX serves architecture, engineering and construction firms as well as all the ancillary product and service categories that market to them. These include manufacturing representatives, public agencies and private real estate organizations, specialty subcontractors and services providers related to our industry.

    Our Picks

    Arterial Life Cycle Program Covers 20 Years of Street Development

    June 27, 2025

    Phoenix-to-Tucson Rail Study Advances

    June 27, 2025

    Kimpton Hotel Palomar Phoenix to See $5.5M in Renovations

    June 27, 2025
    Contact Us

    Phone: 480-709-4190
    Address: P.O. Box 12196 Tempe, AZ 85284
    Email: sales@azbex.com

    Type above and press Enter to search. Press Esc to cancel.