The Phoenix office market has already absorbed more than 3.07 million square feet of office space in 2019. According to the Q3 Office Insight report just released by the Phoenix office of JLL, that is a three-quarter absorption rate record for the Valley, topping the last high-water mark of 2.9 million square feet of space absorbed during the first three quarters of 2005.
“Phoenix office fundamentals continue to amaze even the tenured brokers in the community who are used to a much shorter real estate cycle,” says JLL Managing Director John Pierson. “Our strong economy, booming population and relatively affordable quality of life has companies lining up to move and expand here. That has our office pipeline stacked with activity that could easily push us over the 4-million-square-foot mark for 2019 absorption.”
