The UA Economic and Business Research Center report predicts that new-home permits in metro Phoenix this year will jump 54 percent from last year to 13,320. Then, permits will more than double to 28,060 next year.
Cassidy Turley/BRE Commercial, in its latest Phoenix Housing Market Report, notes the metro area will grow from 4.2 million this year to more than 5 million in 2015.
Office vacancies in the quarter were up nearly 3 percentage points from a year ago to 25.6 percent. That is the highest rate in 19 years.
Office development, meanwhile, has come to a halt.
Scottsdale’s office vacancy rate is 28.4 percent, nearly 10 percentage points higher than downtown Phoenix’s rate.
Among the major new tenants in Scottsdale are the global shipping company APL and Yelp, an Internet site that allows consumers to review businesses.
APL took 70,000 square feet at the Max at Kierland building, 16220 N. Scottsdale Road. Yelp is leasing 28,000 square feet at the Galleria Corporate Centre, 4343 N. Scottsdale Road.