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Q2 Phoenix Office: Job Creation Supports Positive Absorption

The Greater Phoenix area continues leading the country in job creation. And, according to reports from brokerages throughout the region, that job creation means more office space leased in Q2 2020. Colliers International, speaking to absorption, pointed out that “employers continue to add workers at a very active pace, fueling tenant demand for office space and fueling new development.”

Speaking of development, JLL focused on a continual construction pipeline, and net absorption which, over the past six months “exceeded the last peak achieved in 2016.” Meanwhile, NKF analysts focused on average rent increases, along with decreasing vacancies.

JLL’s forecast is for a continuation of the current trend, well into 2020. Meanwhile, the Colliers report noted that vacancy is anticipated to move higher in the remainder of the year, “as some spec development projects come online with vacant space.”

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.