Phoenix has the highest rate of vacant office space of the 13 largest office markets in the United States. The current rate of vacancies is 21.9 percent, but that number is gradually shrinking. The vacancy rate at the peak of the recent recession was almost 25 percent, and this time last year it was still near 24 percent.
Many brokers have noticed an improvement in the office market. In the last year office spaces have began to fill, and people are optimistic about the return of businesses to the Phoenix area. Many quality locations are in high demand, and the blocks of property that people are taking up are being grabbed in large quantities. In fact, brokers say that large spaces in good locations are quickly becoming scarce in the Phoenix area.
One area in particular brokers are very optimistic about is East Valley. This area has experienced more job growth than any other sub-market, and brokers believe the vacant office space will begin to disappear.
The job market in Phoenix is gaining strength overall, and the office vacancy rate is slowly falling back to a reasonable level.
If you are looking to expand or move your company into new office space, your local Phoenix movers can help you get the job done. All My Sons can help get your company moved quickly, so you can get back to work as seamlessly as possible.