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| John Bonnell |
PHOENIX, AZ – The Phoenix
office of JLL has released its Q3 2016 Phoenix Office Report, highlighting
benchmarks including the lowest vacancies since 2008 and still-rising rents.
Still, Phoenix remains one of the most affordable office markets on the West
Coast.
“More companies are
recognizing that Phoenix has an extremely strong labor pool and very affordable
cost of living,” said JLL Managing Director John Bonnell. “All three of these factors are big wins for
companies seeking to escape the high prices of Northern California or other
primary markets.”
“New York-based Oscar is
an example of this,” said JLL Executive Vice President Ryan Bartos, referencing the health insurance company’s recent move
into 95,000 square feet at The Circuit, at 615 S. River Dr. in Tempe.
“Oscar was excited that
Phoenix not only provided affordable real estate but that cool, creative office
product was available in our market. The company is also very focused on
providing their employees with a strong quality of life and liked the fact that
Phoenix has so much to offer.”
Companies like Oscar have
helped reduce overall total vacancy in metro Phoenix to 19.7 percent in the
third quarter, down significantly from the recessionary peak of 28.1 percent
and signalling continued improvement in the market.
At 2.6 million square feet
year-to-date, total positive net absorption is also on track to exceed 3
million square feet by year’s end – the highest level of absorption since 2005,
when 4 million square feet was absorbed.
For a
complete copy of the company’s news release, please contact:
Stacey Hershauer
focusAZ
Marketing & Public
Relations
(480) 600-0195
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