Phoenix Office Factor at 22%

If the current office leasing pace continues in metropolitan Phoenix, an all time high will be established at the end of 1985, according to the Phoenix office of Grubb & Ellis Commercial Brokerage Services.

The overall vacancy factor for the metropolitan area was held to about 22% due to a continuing surge of leasing that saw 1.5 million square feet of office space leased in the second quarter and 2.5 million square feet committed during the first half of this year, according to the firm’s Ron Bennewate. A total of 3.7 million square feet was leased during 1984, he added.

The Central Corridor--downtown and uptown Phoenix--showed the greatest amount of leasing activity during the second quarter of this year, with 712,300 square feet leased, Bennewate added.