Todd Noel

Strong job growth in Phoenix will fuel more office demand in an already active office market. According to a new office report from Colliers International, office vacancy rates fell another 170 basis points to 14.2% with 574,000 square feet of office absorption in the last three months. Already this year, the office market has recorded 2.4 million square feet in office leasing activity, compared to 1.6 million square feet in all of 2017. Phoenix-based companies have announced plans to add more workers, including IT company Infosys' plans to double its workforce, will likely continue to drive office activity.

“Nearly every industry in Arizona is adding jobs each month as employment statewide has increased by 2.2% from Jan 2017 to Jan 2018,” Todd Noel, EVP at Colliers International, tells GlobeSt.com. “The state's unemployment rate fell 0.2%, to 5.1%, from 2017 to 2018. The leading sectors for job growth is construction at 8.3% growth (12,300 jobs), manufacturing at 4.9% growth (7,900 jobs), Education/health services at 3.5% (14,800 jobs). High-paying and prominent industries grew with professional/business services employment increasing by 1.3% (5,500 jobs).”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.