Avison Young report: Phoenix office rental rates hit new high in fourth quarter of 2022 - Phoenix Business Journal

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."

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Avison Young report: Phoenix office rental rates hit new high in fourth quarter of 2022 - Phoenix Business JournalA new Avison Young report found the class A office market has buoyed the cost to the overall market with the rental rates reflecting the high cost of construction and the buildout of the amenities offered at the space. Here's what brokers had to say.
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Pepsi, BetMGM, Rolling Stone bringing Super Bowl parties to Phoenix, Glendale, Scottsdale - Phoenix Business JournalThe Pepsi Big Game Bash is coming to downtown Phoenix. while Rolling Stone Live is making plans for its party in Scottsdale. And a pair of country music stars will be on hand for BetMGM's event in Glendale. The three events join a slew of other festivities surrounding the Super Bowl in the Valley.
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