"The metro Phoenix office may be feeling the pinch a bit morewith corporate headquarters downsizing and layoffs mounting," thereport notes. "Over the past 10 years, Phoenix has become asignificant player in the national economy, reaping many of therewards. Consequently, the negative effects of this nationalpresence are also evident and the Phoenix office market is expectedto suffer through the turmoil of a potential recession in2002."
Short-term, the metro-Phoenix office market faces a sizeablechallenge as the slowdown in 200 put large amounts of subleased andvacant, newly constructed office space on the market, the reportnotes.
That resulted in softening rental rates and increasedconcessions, according to Grubb & Ellis.
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