MARKET TRENDS

• Phoenix reported a decrease in leasing activity at Q4 2023 which brought full-year 2023 total leasing activity to 6.1 million square feet (msf), still up from 5.7 msf in 2022.
• Availability has continued to increase, especially sublease availability which is now at a record high of 7.3 msf, as occupiers reevaluate their space needs post-pandemic.
• Average asking rents have increased 4.8% from a year ago as new expensive projects have delivered vacant while high-priced sublease space remains on the market.

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