Phoenix's office market ended 2025 strong, with the highest net absorption since 2019 at 531,893 sq ft, declining vacancy, rising Class A rents, and reduced inventory from conversions. Office sales hit $1.56 billion for the year, the highest since 2022. Construction is at a 10-year low, with no new projects expected early 2026. Investor interest remains high, especially for Class A assets, amid ongoing conversions reducing excess supply.
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