Leasing

The city has had the largest numbers of workers return to the office during the pandemic.

Leasing volume was down 47% compared to January 2020 and well below the pre-pandemic average monthly volume in 2019.

The e-commerce company announced phase 2 construction plans for the 2.8 million-square-foot three-story office complex.

With 13.9 million square feet of industrial absorption, 2020 was a record year for industrial activity in Phoenix.

AB 3182 will help encourage the creation of residential development in older urban areas and master planned communities.

Like other markets, Phoenix's office sector was hit hard by the pandemic, falling more than 58% with vacancy increasing 110 basis points.

In 2020, there were a record number of industrial transactions, and Phoenix and the Inland Empire were among the top markets.

The REIT has signed two new leases at One Vanderbilt Ave. totalling 43,000 square feet.