In the first quarter of this year, no new space was completed in the Phoenix area Office market, however there were seven buildings totaling 88,451 square feet completed in the Phoenix area retail market.
Additionally, 15 buildings with 542,958 square feet were completed in fourth quarter of 2012, 10 buildings totaling 138,438 square feet completed in third quarter of 2012, and 188,995 square feet in seven buildings completed in second quarter 2012. bring the total to 968,842 square feet of retail space that has been built in the Phoenix area in the past four quarters.
And while there was no new office space completed in the Phoenix area in the first quarter of 2013 there were 256,270 square feet of office space under construction at the end of the first quarter 2013. additionally, four office buildings totaling 234,079 square feet that were completed in the fourth quarter of 2012, five office buildings totaling 77,617 square feet were completed in the third quarter of 2012 and 160,738 square feet in three buildings completed in the second quarter of 2012.
Of the 8,090 office building inventory in the Phoenix area as of the end of the first quarter of 2013, 250 office buildings were Class A office buildings (3%). There were 4,469 Class B office buildings (55%) and 3,371 office buildings were Class C (42%). Within the Phoenix area office market there were 791 of the 8091 buildings were owner-occupied buildings (9.7%).
This information is for informational purpose and not intended to be investment advice, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared