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Good Times Ahead for Phoenix Office Market

SCOTTSDALE, AZ-The metro is stronger than players think, says one of the pros at NAIOP's Trendwatch 2004. Office vacancy is predicted to steadily decrease over the next two years while absorption is forecast to surpass two million sf in 2005 and 2006.

By Jennifer D. Duell | Updated on September 15, 2004

SCOTTSDALE, AZ-Real estate experts can look forward to two years of improving office fundamentals. The vacancy rate will continue to decrease over the next two years and absorption will exceed two million sf in 2005 and 2006.

Jerry Roberts, senior vice president of CB Richard Ellis Inc., made the prediction at NAIOP’s Trendwatch 2004, held yesterday in Scottsdale’s Camelback Inn at 5402 E. Lincoln Dr.

Roberts says the Phoenix office market is much stronger than people think; activity is up and tenants are competing for space. He expects to end this year with 2.2 million sf of net absorption and a vacancy rate of 16.5% versus the 18.4% at the end of 2003.

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