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Phoenix Office Space Demand Still Rising

PHOENIX-Demand for office space in the greater Phoenix area reaches levels not seen since 2000, a new study says. Absorption hovered at 400,000 sf to put overall vacancy at 20.5%, marking the third consecutive decline.

By Dan Heaton | Updated on September 18, 2003

PHOENIX-The demand for overall office space in metropolitan Phoenix rose to almost historic rates while vacancy rates continued to decline, according to the latest report by Grubb and Ellis Co.

The demand for office space was led by major tenant lease signings including Arizona State University, Richmond American, Wells Fargo, VistaCare and UTI to bring overall net absorption to 400,000 sf, researchers found. Those are levels not seen since the fourth quarter 2000.

The amount also brought the year-to-date total to more than 515,000 sf. “The key to the healthy market during second quarter 2003 was that the gainers topped 1.7 million sf absorbed and the losers only 1.3 million sf,” Grubb and Ellis researchers said.

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