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Overbuilding Concerns Emerge in Q3 Reports

PHOENIX-Researchers say 3.2 million sf to 3.5 million sf of office space will deliver within six months. There is concern since Q3 reports put the highest absorption at 555,719 sf.

By Amy Wolff Sorter | Updated on October 25, 2007

PHOENIX-Demand has remained steady for office product and absorption ate up some of the vacant space during the third quarter. Experts suggest, however, that overbuilding could become a concern since there is 3.2 million sf to 3.5 million sf of new space scheduled to come on line within six months.

Blake Hastings, vice president with Phoenix-based Grubb & Ellis/BRE Commercial LLC, says it could take about one year to absorb what’s under construction. “I think we’re in a time in which we won’t be seeing a growth of 20% a year like we did in 2005, but growth will be steady as we eat up the excess space,” he tells GlobeSt.com.

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