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  • Positive Net Absorption Streak Snapped Shy of 40 Consecutive Quarters

    After 39 consecutive quarters, the Phoenix office market snapped the streak of positive net absorption in Q2 2020.The vacancy rate rose for successive quarters, settling at 15.6% for the quarter.Under construction space sits at 2.5 million sq. ft., 56% of which is pre-leased.Full service gross asking lease rate continued to increase to $27.85, the highest ever recorded (historical data begins in 1999). *Arrows indicate change from previous quarter. Construction Deliveries Decline [...]

    Phoenix Industrial Market Sees Highest Construction Deliveries Since Fourth Quarter 2013

    The Phoenix industrial market’s momentum continued into the second quarter with 1,880,638 sq. ft. of positive net absorption, its 41st consecutive quarter of gains.Phoenix industrial vacancy was 5.9% in Q2 2020, an increase of 40 bps after a dip in Q1 2020.Currently, 13,096,560 sq. ft. of industrial space is underway across the Phoenix market. At the end of the quarter, 40.2% of the space under construction was committed to by tenants currently located in the market and new entries to [...]