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Industrial vacancy approaches pre-recessionary low/320/phoenix-9-11-2017-industrial-vacancy<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/industrial-warehouse2.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/320/phoenix-9-11-2017-industrial-vacancyIndustrial vacancy approaches pre-recessionary low​​There have been no signs of a slowdown as the market continues to record strong absorption gains, consistent rent growth and healthy development activity.
Rents increase to highest level in nine years/300/phoenix-9-4-2017-rents-increase<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/building-office-reflection-trees.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/300/phoenix-9-4-2017-rents-increaseRents increase to highest level in nine years​Office rental rates in the Phoenix market increased to $25.21 per square foot in the second quarter, quickly approaching the previous peak of $26.82 per square foot set in 2007.
Multifamily market expected to exceed peak volume/278/phoenix-8-28-multifamily-peak-volume<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/residential-multifamily.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/278/phoenix-8-28-multifamily-peak-volumeMultifamily market expected to exceed peak volume​Phoenix ranks among the top most active multifamily transaction markets for the first half of 2017, already reaching over $2.1 billion and expected to exceed peak volume yet again.
Championship sporting events generate $1.3 billion economic impact in the Valley of the Sun/258/phoenix-8-22-sports-events<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/sports-detailed-view-of-a-sprinter.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/258/phoenix-8-22-sports-eventsChampionship sporting events generate $1.3 billion economic impact in the Valley of the SunMajor sports events held at the University of Phoenix Stadium have created an overall economic impact of more than $1.3 billion over the past three years.
Arizona tourism generates record $21.2 billion in 2016/235/arizona-tourism-phoenix<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/sports-yoga-sunset.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/235/arizona-tourism-phoenixArizona tourism generates record $21.2 billion in 2016​In 2016, approximately 43 million people visited Arizona spending a record $21.2 billion in the state. The Phoenix MSA accounted for more than 65.5 percent, or $13.9 billion, of all spending in Arizona.
Phoenix job growth led by office using workers /221/phoenix-8-7-2017-office-job-growth<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/people-meeting2.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/221/phoenix-8-7-2017-office-job-growthPhoenix job growth led by office using workers With 1,984,700 workers as of June 2017, the employment base in Phoenix has grown nearly 44 percent in the past 20 years and more than quadrupled over the last 40 years.