Savills Studley Releases Q2 2016 Findings for Phoenix
Leasing Volume Rises and Asking Rents Drop Despite Growing Availability Rate
Phoenix, AZ (August 5, 2016)  

Savills Studley, the leading global commercial real estate services firm specializing in tenant representation, has released its 2016 Q2 Phoenix edition of the Savills Studley Office Market Report.

The quarterly report is an in-depth compilation of office leasing statistics and trends, major transactions, submarket comparisons, employment trends and investment and development trends specific to the Houston region.

Highlights from the 2016 Q2 Phoenix Office Market Report include:

  • The Phoenix market is tightening for tenants, as overall asking rent rose and class A availability declined in Q2. The region’s overall vacancy rate is now at its lowest mark since Q3 2008.

  • However, average rental rate costs for all of Phoenix’s submarkets lay below US Index. Only five of the region’s thirty-two submarkets have a lower availability rate than the US Index.

  • Employment growth in the metro region now nearly triples the national rate. Solid workforce and quality of life has attracted large northeastern companies like John Hancock Investments, Northern Trust and Vanguard to recently select the metro region for new headquarters backups.

  • Adaptive re-use is on the rise as available land in Phoenix’s urban core has become more limited and construction costs have increased.

  • Please click here to access the 2016 Q2 Savills Studley Phoenix Office Market Report, as well as a national report and reports for each of the 29 major U.S. markets.

    About Savills Studley

    Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 28 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.

    The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals and over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).

    For more information, please visit and follow us on Twitter @SavillsStudley and LinkedIn.