Phoenix Economy Continues to Hum; Class A and overall rents exhibit increases
A recent Bureau of Labor statistics report found the Phoenix metropolitan area leading the United States in net new jobs created over the past 12 months. In total 66,500 net nonfarm jobs were added in the Phoenix metropolitan area over the 12 months prior to May. With sustaining demand for office space throughout the region, rents have increased 4.4% year over year, ending the second quarter of 2019 at $27.26 per square foot (psf) on average. Asking rents ranged from a low of $18.40 psf in the Mesa East submarket, to $33.84 psf in Tempe. Class A rents increased 2.6% year-over-year and 0.3% over the quarter, to $31.27 psf.