Figures released from Grubb & Ellis Co. show absorption slid573,630 sf, pitching vacancy to 12.4%. The region's total inventoryis 266 million sf, with an additional 3.4 million sf underconstruction.
Cushman & Wakefield of Phoenix Inc.'s Q3 report paints asimilar picture. Out of a total inventory of 267.3 million sf, theyear-to-date negative direct net absorption was 635,062 sf, puttingvacancy at 10.4%. Year to date, overall net absorption was 1.3million sf. C&W logged 3.9 million sf as being underconstruction.
John Werstler, senior vice president with CB Richard Ellis inPhoenix, says the negative absorption is due to space give-backsand more buildings coming on line. The give-backs are coming from across-section of tenants, he explains, adding it's not necessarilyone particular product type.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
