By Corbin Carson | KTAR
PHOENIX — Office space vacancy rates in downtown Phoenix are the lowest in over a decade, according to Christine Mackay, director of economic development for the city of Phoenix.
“We are absolutely seeing companies taking down significant blocks of space in downtown Phoenix,” she said. “We were one of the strongest markets in the country in downtown Phoenix in absorption during this last year.”
The absorption rate is the balance of how much total space is on the market and the net of space taken by tenants. Mackey said people can expect the vacancy rate to go even lower this year, she said, as several prospective companies finish up deals to move in.
