Steady net absorption (more space being leased due to job growth) continues to chip away at Metro Phoenix’s office vacancy as we head into Q4 2016. This quarter, Phoenix benefitted from medium-sized companies expanding. We hope these companies continue to grow. The metro Phoenix office market is on pace to perform roughly the same as 2015, i.e. …
Below is a great summary of political issues facing the real estate industry. I have highlighted some key issues specifically for commercial real estate. These include: Ongoing tax reform may make “Like Kind Exchanges” more difficult to close and lose tax benefits drying up volume. New standardized accounting principles for leases could decrease cash …
Positive and steady. Those are the two words I would use to describe the office leasing market in Metro Phoenix as of mid-year 2016. The numbers in the below report also reflect this sentiment that I see every day on the streets of the market. Across the entire portfolio of buildings my team leases, we …
Big cities like New York, San Francisco, and LA have always fascinated me from a real estate perspective. To buy land, design and build buildings is a complex process. Zoning and city planning alone create innumerable obstacles for developers due to the limited amount of space. New York City’s zoning code turns 100 this year, and below …
17,000 Manhattan Buildings Could Not Be Built Today Read More »
Office leasing is off to a good start in 2016. Here in Metro Phoenix, the market saw 641,000 square feet (SF) of net absorption (office jobs added) recorded in the first quarter. This means Metro Phoenix is on track to absorb approximately 2.5 million SF for the year. That would mean another year of consistent, average …
Understanding The Office Market: Q1 2016 Phoenix Office Report Read More »
I spend a ton of time working with my team on growing their individual skills, increasing our deliverables and really making sure we are engaged. As we work with big and small companies and I talk to our clients, engagement has become one of the most desired (and least attainable) traits in companies today. A few …
Seeing Star Wars Episode VII: The Force Awakens recently I cannot help but draw a parallel to the world of Metro Phoenix office leasing. Why? Because, like “the force,” net absorption awakened in 2015 posting 3.4 million square feet. This is the highest absorption since 2005 and has pushed our vacancy rate below 20% for the first time in eight years. (By …
How Do Star Wars and the Phoenix Office Market Relate? Q4 2015 Phoenix Market Report Read More »
Below is a infographic on the Post China 16 (PC 16) that fascinated me. I know that China’s maturation has jumpstarted manufacturing growth in other countries. What I didn’t realize is the sheer number of countries affected. See below to grasp the number and diversity. These countries include: –All of Indonesia –Cambodia and Vietnam …
It’s no surprise that square feet per office employee is declining. The open office concept is changing the world and the biggest user of office space in this cycle is…..Tech companies. But this trend has been coming for a long time; see the graph below. In addition to the SF per employee graph there are …
Like the national office market, the Metro Phoenix Office Market is rebounding at a gradual pace. Last week Craig sent out a good update on the national office market from The Wall Street Journal. (Click here for his narrative in case you missed it) Today I’m sending you an update on the progress we’re seeing in Phoenix. The WSJ article mentions …
