“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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