Phoenix Office Market
3Q22
| Average Asking Rent (Price/SF) | $27.93 |
| Vacancy Rate (%) | 16.5% |
| Net Absorption (SF) | 929,327 |
The office market’s strong push to return employees to the workplace was made very clear during the third quarter of 2022 in the Phoenix office market as numerous companies moved to occupy leases signed earlier in the year. Recent office deliveries coupled with return-to-office plans pushed absorption over 900,000 square feet and lowered direct vacancy by 70 basis points quarter over quarter.
Download Phoenix Office Market Report 3Q22Phoenix Industrial Market
3Q22
| Average Asking Rent (Price/SF) | $1.06 |
| Vacancy Rate (%) | 3.8% |
| Net Absorption (SF) | 6,890,765 |
Phoenix’s industrial market continued to perform strongly even as consumer spending slows amidst stubbornly high inflation. Asking rents increased, vacancy remains near market lows, net absorption is robust, and new supply is delivering to the market, albeit with delays due to supply chain and labor force issues. One potential concern for the market is the large construction pipeline – now 12.9% relative to current inventory – expected to deliver to the market in 2023, just as inflationary and interest pressures reshape consumer spending.
Download Phoenix Industrial Market Report 3Q22Phoenix Retail Market
3Q22
Download Phoenix Retail Market Report 3Q22