November 17, 2024 3:46 pm
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Downtown Phoenix pins 2017 hopes on techies, more apartments

Phoenix is on its way to becoming a tech and innovation hub

By Mike Sunnucks | Phoenix Business Journal

Downtown Phoenix and its real estate market ended 2016 in decent shape — especially compared to where the market was during and right after the last recession and crash.

Downtown ended 2016 with a 15.5 percent office vacancy rate, according to Lee & Associates Commercial Real Estate Services.

That’s better than the region’s office vacancy rate of 18.6 percent as well as other Phoenix submarkets such as midtown (23.6 percent) and the popular 24th Street and Camelback Road area (19 percent), according to Lee’s data.

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