Demand for office space in Phoenix fell to its lowest level since the Great Recession. In the first quarter, the market recorded 850,000 square feet of negative net absorption while developers completed 1.2 million square feet. The imbalance pushed up vacancies, which now sit 200 basis points higher than the rate at the end of 2019.
Phoenix’s Rent Growth Ends Amid Worst Quarter for Office Demand Since Great Recession
The Rise in Discounted Sublet Space Puts Downward Pressure on Office Rents
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