April 26, 2024 3:34 pm
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One-quarter of Phoenix office space empty; picture better for industrial, retail

The Phoenix-area’s office vacancy rate came in at 24.9 percent for the third quarter, according to a new report by the CBRE Inc. real estate firm.

By Mike Sunnucks

Phoenix Business Journal

One-quarter of the office space in the Phoenix metro area is vacant as stagnant job growth slows the improvement of the commercial real estate market and the overall economy.

The Valley’s office vacancy rate came in at 24.9 percent for the third quarter, according to a new report by the CBRE Inc. real estate firm.

That compares to 25.8 percent a year ago, according to the brokerage firm. Office vacancies were around 11 percent before the recession and market slide hit.

Slow job growth and stubbornly low economic confidence are keeping companies from expanding, and that subdued demand for office space.

Continued:

Also: Archway Holdings buys Glendale medical offices for $20M/Phoenix Business Journal

 

 

 

 

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