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Jennifer Farino Jennifer Farino

Phoenix is among the top secondary markets in the US for office absorption this year. According to research from JLL, Phoenix has 1.2 million square feet of office absorption year-to-date, putting it in ranks with major growth markets, like Denver, Austin and Orlando. The market is outpacing its bigger neighbors, including San Diego, which has had 534,896 square feet of net office absorption this year, and Los Angeles, which has had 600,000 square feet of net office absorption this year.

“Financial companies, business services, healthcare and high-tech companies are all expanding into metro Phoenix and driving growth,” Jennifer Farino, research analyst for the JLL Phoenix office, tells GlobeSt.com about the industries driving this growth. “They are looking for strong economies, educated labor pools, economic growth, a low cost of living and expansion opportunities, and they are finding it here. That has precipitated tenant relocations and expansions, creating a demand for new development and continued office market growth that we expect will continue throughout the next several years.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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