PHOENIX-Not so long ago, investment sales professionals here were “wishin’ and hopin’ and prayin’” for a sign that the market had hit bottom and was on its way up again. Today, it’s not just wishful thinking – investor interest has returned to the local office market, according to experts.

“Activity here is robust, and that’s something that I couldn’t have said 12 months ago,” says Jan Fincham, a principal with Lee & Associates’ local office. “Investors see Phoenix as a prime fishing spot for value.”

While institutional investors have yet to return to Phoenix in large numbers, private investors more than make up for the lack of institutional demand, Fincham tells GlobeSt.com. “Private investors see the opportunity to purchase assets at below replacement cost in a market that they know has performed well in the past,” he explains.