Many office buildings in Phoenix remain vacant due to the shift to remote work since the pandemic, leaving their future uncertain. According to the experts, office buildings that are centrally located and well-maintained are considered the “winners”, while older and less-equipped buildings have been deemed the “losers”. Converting empty office spaces into alternative uses presents opportunities but involves significant investment and complexities. With high vacancy rates and office sales slowing down, Phoenix’s commercial real estate may see significant changes in the years ahead. Property owners are adopting innovative strategies, like offering unique amenities and incentives, to attract tenants.
