April 18, 2024 10:30 pm
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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.

Continued:

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.