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Mark Seale

Phoenix Office Leasing is Showing Signs of Life

Phoenix is showing signs of life after a dismal last 15 months and is poised to be one of the first major metros to get back to pre-pandemic market fundamentals, says Mark Seale, principal and director of brokerage services–Phoenix, Avison Young. In second quarter, office leasing activity increased, which is promising, but the market is still playing catch up.

The overall office vacancy rate is currently 19.9 percent (sublease space included). While this is high, jobs requiring office space have only decreased by 3.2 percent and that is anticipated to continue to shrink to zero during the coming months.

“Larger companies have been generally slower to return to office compared to smaller companies, and many are seeking short-term renewals until the return to office is fully understood,” says Seale. “With nearly $1.2 billion in office sector investment sales occurring since the beginning of 2021, buyers are still bullish on this region. They are also paying more, with asset pricing increasing 10.3 percent since December of 2019.”


Inside The Story

Mark Seale

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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