• 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).