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Office Condo Market Holds Steady

PHOENIX-The office condo market posts its strongest quarterly absorption in almost one year and average asks on the rise.

By Bob Howard | Updated on June 20, 2008

PHOENIX-The office condominium market in Greater Phoenix has posted its strongest quarterly absorption in almost one year. Researchers have found the average asking price has continued to rise despite the economic downturn.

The study by Scottsdale-based Logan Commercial Advisors says the market “came in strong” for the first quarter of this year, the latest period for which figures are available. The Phoenix-Scottsdale area, with one of the country’s largest concentrations of office condominiums, was one of a number of markets around the country reporting relatively positive office condo news. In Southern California, another place where office condos caught on, developer PRES Cos. reports strong sales at one of its projects.

Developers delivered some 856,567 sf of office condo product in the Phoenix metro in the first quarter, according to Logan Commercial’s report. Researchers found an additional 559,636 sf of project broke ground, with average asking prices rising to $226 per sf, up $5 from the previous quarter.

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