Phoenix No. 1 for Economic Growth, Office Vacancy Rate was down over the Previous Quarter

The latest Metro Monitor Report from the Brookings Institute shows an output increase ofanother office building chandler az 1.2 percent in Phoenix during the first quarter strong according to the Phoenix Business Journal.


“If output continues to grow at the pace it did last quarter, it could reach a full recovery by the end of 2013,” Kenan Fikri from the Brookings Institute said, adding “Since output recovery typically precedes a job recovery, companies make more sales before they hire more people, the recent progress on the output front does point to a potentially accelerating jobs recovery, as well.”


In a separate report this week, CoStar reported that the Phoenix Office market ended the second quarter 2013 with a vacancy rate of 19.4%, which was down from the previous quarter.


Commercial office rental rates in the Phoenix metro area, ended the second quarter at $20.05, an increase over the previous quarter.


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