Phoenix sees long-awaited office market sales price growth

Office sales in the U.S. reached $27 billion year-to-date, with Phoenix experiencing its first sales price increase per square foot in over three years, rising from $165 to $197. National office vacancy rates hovered around 19.4%, with Seattle and Austin near 27%. The Bay Area led sales volume at $3.4 billion, followed by Washington, D.C. New construction remains modest, with Boston having the largest pipeline.