PHOENIX-The Phoenix office sector continued its upward trek in 2012; according to Cassidy Turley’s Office Market Snapshot, the region experienced a yearly net absorption of 1.8 million square feet. This is more than double 2011′s year-end total.

Another piece of good news for the metro area was a 220 basis point drop in vacancy from the 27.9% vacancy at the end of 2011. The overall vacancy rate for the fourth quarter 2012 fell 1.8% to 25.7%, marking the fourth consecutive quarter of decline. 

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