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Office tenants turn to Class B space, vacancy rate 18.2 percent

Posted by   /  March 31, 2016  /  No Comments

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office spacePhoenix Business Journal

Office leasing activity in the Phoenix market was robust in the first quarter with more than 739,000 square feet of space absorbed, according to a new report from the Cushman & Wakefield commercial real estate firm.

Sixty-two percent of that absorption occurred in Class B buildings where 23 percent of space is vacant.

Lack of large blocks of Class A space throughout the region are resulting in tenants turning to Class B offerings.

The total vacancy rate for metro Phoenix in the first quarter came in 18.2 percent.

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  • Published: 4 years ago on March 31, 2016
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  • Last Modified: March 31, 2016 @ 10:55 am
  • Filed Under: Real Estate

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