How tech layoffs are impacting the Phoenix area's office market - Phoenix Business Journal

said those deals accounted for about 40% of the 25 largest office lease signings going back to 2019, CoStar found.At the end of the third quarter of 2022, the Valley had more than 7.2 million square feet of sublease space on the market. With a 424% increase from the third quarter of 2019 — Phoenix topped the list of 30 markets. Before the pandemic, .

Click through the slideshow below to see the U.S. metro markets with the biggest gains in office sublease space: Some tech companies have more recently made a decision to put space back on the Valley sublease market. Space from Carvana, DoorDash, Peloton, GoDaddy, PayPal, Zillow Group Inc. , Opendoor, and Robinhood collectively account for over 1 million square feet of sublease space available, Devereux said.

Bartos said the bulk of the sublease space is largely on the market in Phoenix because a lot of it isn't functional. The space left by tech companies, however, could be a sought-after commodity. "The positive is, 99% of the time, tech is the leader in creative build-outs," Bartos said."They're thoughtful in design, aesthetics, functionality, location. If a tech company should, unfortunately, have a rift and need to put space on the market for sublease, chances are that space is going to get acquired rapidly.", which comprised of"many" corporate and technology teams and"some" operations teams.

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