Demand for Valley Class A Office Remains High as Tenants Flock to Prominent Spaces

Article originally posted on Phoenix Business Journal on August 2, 2022

Top-end, class A space only accounts for about 25% of the total office market in Phoenix, yet more than two-thirds of all leasing activity in the first half of the year was at those premium properties.

CBRE Group Inc.’s Charlie von Arentschildt sees Phoenix’s office trajectory trending like the letter K. The top portion of the market is pushing upward while the rest of the market struggles. With nearly 1.3 million square feet of new office leases signed for class A space in the first half of 2022, Phoenix’s market is on track to outpace 2021’s total lease performance by 29%, CBRE found. Last year’s total amount leased was 1.82 million square feet.

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