The Phoenix office sector has seen strong growth as the overall economy has continued to improve. The Valley is considered a very attractive place for firms to relocate to as reported by Site Selection magazine. Phoenix topped other Western cities like Seattle, Denver, Salt Lake City, Los Angeles and San Francisco.
Construction, sales and rent are all gaining momentum, while leasing has stayed stagnant. This trend can be explained in part by the slow office space job growth and the time it takes to lease a property in the Valley, which is at its highest in more than a decade.
As mentioned, construction in the Valley is booming. As stated by AZ Big Media, there is more than 4 million square feet of space in new construction, 2 million of which is for State Farm’s Marina Heights project on Tempe Town Lake.
The Arizona commercial real estate market is making huge strides and gaining the confidence it needs to emerge as an attractive area for firms and other businesses. To read more about these changes, visit AZ Big Media by clicking here.