PHOENIX-The Phoenix metro area has taken it on the chin since the housing bust. Though the area’s industrial property sector has experienced signs of life, the office sector has been slow to follow.

The good news is that Q2 figures indicated a definite upward trend in the office property sector, albeit a modest one. According to Colliers International’s Research & Forecast Report, the Greater Phoenix office market showed a net positive absorption of 772,000 square feet (up from  24,465 square feet from Q2, 2011) and vacancy at 20.9% area wide (which dropped from the 21.9% during the same time last year) out of a total 130 million square feet. Even better is that the quarter’s absorption statistics were the metro area’s strongest in close to five years.

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