MARKET TRENDS

• Leasing activity of 1.5 million square feet (msf) in Q2 2025 was above the 5-year quarterly average and is expected to remain steady this year as the overall economy grows
• Overall availability at mid-year 2025 is at 26.4%, down from 27.1% reported a year ago and is expected to stabilize this year due to the lack of new speculative construction
• Expect more occupiers, including those coming from out of state, to acquire their office buildings as valuations have dropped significantly around the Greater Phoenix area

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