Figures

Phoenix Office Figures Q1 2026

April 9, 2026 5 Minute Read

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The market continued to recover through Q1 2026 after a deep correction in 2023. Annual net 
absorption moved from about negative 1.4 million sq. ft. in 2023 to more than 1.3 million sq. ft. of 
positive net absorption in 2025. Additionally, Q1 2026 added a further 135,807 sq. ft. of positive 
demand. This sustained improvement translated into a steady tightening in occupancy: vacancy has 
decreased from 23.9% in Q1 2024 to 20.3% in Q1 2026.