Despite higher vacancies than pre-Covid-19 figures, negative net absorption and firms still determining how much office space they need, Phoenix saw a 2.8% year-over-year bump in direct asking rents in 2022. A fourth quarter market report from
, principal of Avison Young and director of brokerage services in Phoenix."That's obviously leading to a glut of office space that's either for sublease or eventually going back to the landlord. As you look further down the road, that could create some stress for some of these landlords as these leases burn off over the next couple of years."flight to quality for office
"Those are still leasing and leasing at record numbers," Seale said."That part of the market is good, but if you're not one of those landlords you're seeing a tougher sledding in 2023."
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Phoenix-area projects to watch in 2023: Semiconductors, resorts and water parks - Phoenix Business JournalWhile several large manufacturing projects are being developed across the Valley, the Phoenix metro is also expected to see growth with new resorts, entertainment, retail and office projects in 2023. Here are the 21 largest projects expected to take shape in the new year.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Why the WM Phoenix Open is an economic force in Arizona - Phoenix Business JournalIn this guest column, the president of The Thunderbirds organization assesses the economic impact of the annual WM Phoenix Open golf tournament.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Phoenix-area projects to watch in 2023: Semiconductors, resorts and water parks - Phoenix Business JournalWhile several large manufacturing projects are being developed across the Valley, the Phoenix metro is also expected to see growth with new resorts, entertainment, retail and office projects in 2023. Here are the 21 largest projects expected to take shape in the new year.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Turnkey Phoenix home listed $5M - Phoenix Business JournalA $5 million home listed on the market is being sold complete with furnishings to flatware — just in time for a new owner to enjoy the Super Bowl and Waste Management Phoenix Open. Here's a peek into the home.
Source: phxbizjournal - 🏆 254. / 63 Read more »
Russian car sales down 58.8% in 2022 as sanctions hit auto industry hardCar sales in Russia collapsed by 58.8% in 2022, the Association of European Businesses (AEB) said on Thursday. Who doesn’t give a F*€? This guy So sad. At least they didn't have missile through their bedrom!!
Source: FoxBusiness - 🏆 458. / 53 Read more »