MARKET TRENDS

• Phoenix has witnessed four consecutive quarters of leasin activity and Q3 deal volumes Were the market's second highest since the pandemic's onset.
• Availability continued to rise, particularly among Class A properties, as cost-conscious firms continued the trend of rightsizing their current occupancies.
• Asking rents increased 4.6% year over year, however, landlords continue to provide generous concessions packages that typically result in lower net effective rents.

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