{"id":1004191151,"date":"2017-09-21T04:27:37","date_gmt":"2017-09-21T12:27:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004191151"},"modified":"2025-02-26T02:45:54","modified_gmt":"2025-02-26T10:45:54","slug":"demand-on-the-rise-in-phoenix","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/demand-on-the-rise-in-phoenix\/","title":{"rendered":"Demand on the Rise in Phoenix"},"content":{"rendered":"<p>By Razvan Cimpean<\/p>\n<div id=\"attachment_1004191158\" style=\"width: 410px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Office-using-employment-in-Phoenix-click-to-enlarge.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004191158\" data-attachment-id=\"1004191158\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/demand-on-the-rise-in-phoenix\/office-using-employment-in-phoenix-click-to-enlarge\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Office-using-employment-in-Phoenix-click-to-enlarge.jpg\" data-orig-size=\"1007,433\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Office-using employment in Phoenix, click to enlarge\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Office-using-employment-in-Phoenix-click-to-enlarge.jpg?w=1007\" class=\"wp-image-1004191158\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Office-using-employment-in-Phoenix-click-to-enlarge.jpg\" alt=\"Office-using employment in Phoenix, click to enlarge\" width=\"400\" height=\"172\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Office-using-employment-in-Phoenix-click-to-enlarge.jpg 1007w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Office-using-employment-in-Phoenix-click-to-enlarge.jpg?resize=300,129 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Office-using-employment-in-Phoenix-click-to-enlarge.jpg?resize=768,330 768w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><\/a><p id=\"caption-attachment-1004191158\" class=\"wp-caption-text\">Office-using employment in Phoenix, click to enlarge<\/p><\/div>\n<p>All in all, the Valley of the Sun\u2019s office market has lately been a shining success. At midyear, Phoenix\u2019s office inventory totaled 108 million square feet of space, split almost evenly between Class A and Class B assets. More than 18 million square feet of office space was listed in the metro as of July, at average asking prices of $27.87 per square foot for Class A properties and $19.80 per square foot for Class B space. The metro\u2019s overall vacancy rate was 17.9%, while urban and suburban locations reached much lower rates, at 12.0% and 14.6% in July.<\/p>\n<p>The metro added 21,700 office-using jobs during 2016, accounting for 41.5 percent of the employment pool. Employment in Phoenix improved by 2.6 percent year-over-year overall, well above the 1.5 percent national average. Leisure and hospitality added 13,600 new jobs, gaining 6.3 percent year-over-year through May, followed by education and health services (10,100 new jobs) and professional and business services (8,500 new jobs).<\/p>\n<p>Development remains steady. Nearly 2 million square feet of space is under construction, and by the end of the year, 3 million square feet is scheduled for completion across the metro. The comeback of the Warehouse District in downtown Phoenix is expected to increase the demand for office space there.<\/p>\n<p>Transaction volume for the 12 months ending in July totaled $1.2 billion, corresponding to the more than 11 million square feet that changed ownership. Mesa, Tempe\u2013Mill and Scottsdale\u2013Downtown were among the most expensive submarkets and generated the highest transaction activity.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/294-Phoenix-Fall2017OfficeOutlook?utm_medium=Research-Center&amp;utm_source=CPE&amp;utm_campaign=294-Phoenix-Fall2017OfficeOutlook\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Read the full Yardi Matrix report.<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At midyear, Phoenix\u2019s office inventory totaled 108 million square feet. Transaction volume for the 12 months ending in July totaled $1.2 billion, corresponding to the more than 11 million square feet that changed ownership.<\/p>\n","protected":false},"author":753,"featured_media":1004191159,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,1601,15],"tags":[],"class_list":["post-1004191151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-phoenix","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Demand on the Rise in Phoenix - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/demand-on-the-rise-in-phoenix\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Demand on the Rise in Phoenix\" \/>\n<meta property=\"og:description\" content=\"At midyear, Phoenix\u2019s office inventory totaled 108 million square feet. 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