John Orsak is seeing a substantial uptick of smaller, 4,000 to 5,000-square-foot office lease deals in the Phoenix metro — substantially beyond historical norms even dating back to pre-Covid times.
"We'll do over 200,000 square feet of office leasing this year across our portfolio," Orsak said."When you say 200,000 square feet, you might say 'that's a big number but not a huge number.' But when you think about it, the average tenant size is probably 4,000-5,000 square feet. That starts to really move the needle and tell you more of the story of what's going on.
Class A space comes at a premium because, in many office deals, tenants are making decisions with labor at the top of their minds in recruiting, keeping and getting the most out of talent. The costs of labor turnover often outweigh the costs of companies' real estate, prompting a flight to quality office spaces.
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