Office vacancies lowest since 2008

By Mike Sunnucks | Rose Law Group Reporter

Phoenix’s office vacancy rate came in at 15.3 percent in the second quarter, according to Cushman & Wakefield.

That is the lowest since 2008, according to Cushman.

It also compares to a 16.1 percent office vacancy rate a year ago in the second quarter of 2018.

Among prominent submarkets, north Tempe had an 8.3 percent office vacancy rate, Deer Valley (11.7 percent), Scottsdale Airpark (16 percent), Midtown Phoenix (21.4 percent), Downtown Phoenix (15.7 percent) and the Camelback Corridor (17.8 percent).

The regional vacancy rate for Class A office space was 13.6 percent, according to Cushman’s 2Q data.

The regional office average asking rent was $26.25 per square foot.

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