Real estate forecast: Phoenix office market to improve but still battling high vacancies via small blocks

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Job gains are projected to improve and vacancy rates are expected to decline some this year in the Phoenix real estate market, according to a new forecast by Marcus & Millichap Inc. (NYSE: MMI). But Phoenix is still projected to have more empty office space than most other big U.S. real estate markets, according to the same forecast. The commercial real estate firm expects Phoenix’s office vacancy rate to drop to 17.7 percent this year from 18.9 percent at the end of 2016 and more than 20 percent...

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