Leasing

The Phoenix office market recorded 1.05 million square feet of net office absorption in the first quarter with new leases accounting for 900,000 square feet.

“Value-add multifamily is still in high demand,” says Marcus & Millichap's Clarke Talone. “Buyers are willing to accept low current returns for an opportunity to improve a property and generate higher rents.”

Demand may be at record levels, but limited supply is producing slow leasing activity.

Kylli Inc. got new financing for Burlingame Point, the 803,000-square-foot office/R&D campus slated for completion in 2020 that is fully leased to Facebook for occupancy by Oculus, Facebook's VR firm.

WarnerMedia will lease the 1.5 million square feet of office space until early 2034.

Vik Aggarwal joins the flexible office space company from AECOM in Los Angeles, where he served as corporate VP of global real estate.

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The investment takes advantage of "a tight submarket with limited bulk availabilities and a lean construction pipeline," says Chris Sterling, vice president at TIG.