Mark Seale Mark Seale

Phoenix is one of the fastest growing office markets in the country. In the first quarter, office rents increased 10% year-over-year, and in 2018, rents increased 4.2%, according to research from Avison Young. The first quarter marketed 23 consecutive quarters of growth as well as positive absorption. Job and population growth are behind the strong activity, and this demand will likely continue to attract new companies and fill new construction supply as it comes to market.

“Strong job growth has fueled demand for office space, which outpaced new supply in 2018. With over 600,000 square feet of net absorption recorded in the 1st quarter of this year, robust demand is continuing,” Mark Seale, principal and director of brokerage services at Avison Young, tells “Although over 2 million square feet is currently in the construction pipeline there is more than double that in user activity looking for space in the market. Net absorption has outpaced new supply since 2011, pushing vacancy down from its recessionary peak in second quarter of 2008 of 26.2% to 15.5% in at the end of first quarter 2019.”

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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 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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