I keep telling my team: right now is what the top of the market feels like. In the United States, one out of every seven people moving out of state moves to Arizona. The economy is hot.
How long can it continue? Who knows, but NAIOP is forecasting another great year for the rest of 2019 and into 2020. I have highlighted a few key points but the whole report can be accessed by clicking here or the link at the bottom.
1—The U.S. economy is still growing. Arizona is doing even better.
2—An interesting trend is more SF per employee. This is the first time we have seen a reversal in the trend of more and more employees into smaller spaces. I think this is an anomaly.
3—Office employment is growing at twice the rate of general employment.
4—These are the good ole days. Enjoy the ride.
The NAIOP Office Space Demand Forecast
Office Leasing Activity Expected to Grow Amid Sustained U.S. Economic Strength
Read the entire article here.