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

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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