2022 Q3 Market Report Office

Uncertainty continues to surround the future of workplace configurations which weighs on office demand in the Phoenix market. Trends in leasing and sublease activity indicate there is no one-size-fits-all solution for businesses operating post-pandemic. Pending the submarket, some office tenants have become more comfortable locking in long-term leases, while record sublease availabilities are being seen in other areas. The flight to quality space is a major trend taking shape as businesses focus on recruiting and retaining labor. Demand is strongest in the Scottsdale Airpark, Camelback Corridor, and Downtown submarkets. These areas are more expensive but also offer an attractive mix of restaurants, bars, and other retailers while being situated close to population centers.

 

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