By AZRE
New data reveals that vacant offices in Phoenix and Tucson have led to more than $800 million in lost rent.
That’s according to a new study from Switch On Business that analyzed office vacancy rates across America to reveal the true cost of vacant office buildings in major U.S. cities.
The study found that:
- Phoenix currently has 25,392,476 sq. ft. of unused office space in the city – equating to $756,441,854 in lost revenue.
- Tucson has 2,899,238 sq. ft. of vacant offices ($68,248,064)
Office space vacancy is at its highest since 1979, and analysts predict that nearly one-quarter of U.S. offices will be vacant by early 2026. For their new report, Switch On Business has calculated that $7.61 billion in annual rent is lost in New York City alone, while in terms of square footage, Chicago has the second most vacant space — around 58.1 million square feet.
