“The Metro Phoenix office market ended 2016 in a stable position. After years of ups and downs, including high vacancy rates and spikes in leases and sales, the office market found a new, steady pace. Vacancy continues to decrease while leasing activity remains consistent and rates increase.”
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The first half of 2016 proved to be a strong sign of future growth in the marketplace. “Brokers are seeing increased confidence in the market as buyers and landlords are investing in their buildings or in new builds. And the mentality is changing. Instead of landlords working to maintain the status quo or buyers simply looking for a good deal, higher rates are demanding the features that tenants desire.”
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Check out an excerpt from the Summer 2016 issue of The Linneman Letter by Dr. Peter Linneman, PhD, Chief Economist, NAI Global. In this section, Linneman discusses real estate capital markets and their relationship with the overall economy.