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January 29, 2020
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Metro Phoenix Office Market Sees 1 msf of Absorption in the First Quarter of this Year


Metro Phoenix has absorbed more than 1 msf of office space since the first of the year – a quarterly high not seen in over 10 years, according to JLL’s Q1 Phoenix Office Market Report. This pace is already well ahead of 2018, which saw 1.7 msf in total office space absorption for the full 12 month period.

During Q1, 900k sf in new Phoenix office leases were completed, while 78 additional tenants are currently seeking more than 4.6 msf of space. Key first quarter occupancies involving the JLL team include:

• Freedom Financial leased a 150k sf building at Rio2100 in Tempe.
• Deloitte leased 102.7k sf in the first of two Class A buildings delivering at Rivulon in Gilbert.
• Benchmark Electronics leased 63k sf at a build-to-suit corporate headquarters at Rio2100.
• Stantech leased 55k sf at the new Chandler Veridian, along the Loop 101/202 in Chandler.
• Serendipity Labs leased 31.4k sf in the Camelback Corridor’s new Camelback Collective.
• Workuity leased 19.8k sf at Chandler Viridian, expanding the coworking company into Chandler.

Vacancy dropped by nine basis points in the first quarter, creating the lowest vacancy rate Phoenix has seen since the second quarter of 2008. This creates a good backdrop for the approximately 2 msf of new office product under construction and expected to start delivery in the coming quarters.

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