Top Office Leases Q4 2019
Here is the a quick market knowledge update showing the Top Four (4) Office Leases in Q4 of 2019 in the Phoenix Market. The total office lease transactions totaled over 645,000 square feet. Commercial Properties Incorporated (CPI) completed 1,563 transactions for a total of consideration of 28,906,000 square feet for the year 2019. The strong performance in the fourth quarter of 2019 was due to office vacancies trending down to 12.0% , office lease rates averaging $25.68 per square foot and net absorption being positive at 995,587 square feet.
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Phill Tomlinson is a commercial real estate broker with Commercial Properties, Inc. (CPI) in Scottsdale, Arizona, and owner of the Leveraged CRE Investment Team specializing in investment sales and tenant/landlord representation in the Phoenix and Scottsdale submarkets. Phill applies over 21 years of experience in the Real Estate industry helping investors and owners maximize their returns.
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