{"id":1004547402,"date":"2021-08-23T02:11:16","date_gmt":"2021-08-23T10:11:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004547402"},"modified":"2022-12-08T08:09:46","modified_gmt":"2022-12-08T16:09:46","slug":"phoenix-market-update-slight-improvement-in-office-vacancies","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-slight-improvement-in-office-vacancies\/","title":{"rendered":"Phoenix Market Update: Slight Improvement in Office Vacancy"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004545005\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-slow-and-steady-development-progress\/market-update-resized\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" data-orig-size=\"1200,930\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Patricia Todoran&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1497549143&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Market-Update-resized\" data-image-description=\"&lt;p&gt;Office Sales Update Q2&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=1024\" class=\"alignright wp-image-1004545005 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=300\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=768,595 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=1024,794 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Phoenix\u2019s office vacancy slightly improved in July, according to CommercialEdge data. The average rate dropped to 17.7 percent, a 30-basis-point decrease when compared to June and a 70-basis-point drop year-over-year. However, the value continued to remain higher than the national rate of 15.5 percent.<\/p>\n<p>The metro&#8217;s decrease in vacancy is significant especially since no <a href=\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-slow-and-steady-development-progress\/\">new construction<\/a> was added to its inventory in July. When compared to similar secondary markets, The Valley maintained the same middle-ground position between Atlanta (19.9 percent vacancy rate) and Charlotte (15.2 percent).<\/p>\n<p>Of the metro\u2019s submarkets with at least 4 million square feet of inventory, several manifested little to no changes in office occupancy month-over-month, such as Phoenix\u2013Center City (10 basis-point increase), Phoenix\u2013Deer Valley (2 basis-point decrease) and Phoenix\u2013Central Corridor (9 basis-point increase), while Chandler\u2019s occupancy rate held steady at 10.4 percent. However, two medium-sized submarkets showed strong improvement: Gilbert\u2019s vacancy rate jumped from 22.0 to 17.0 percent, while Peoria\u2019s moved from 13.3 to 10.6 percent.<\/p>\n<p>At the same time, office occupancy in Phoenix\u2019s central business district took a serious hit, as Chase started to relocate the majority of employees to its new corporate campus in Tempe. By the end of August, the bank would have vacated nearly 724,000 square feet of space in Chase Tower, Arizona\u2019s tallest building, ending a downtown presence that had lasted for nearly 28 years.<\/p>\n<p><em>CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report <a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report-2021-july\/\">here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In July, leasing activity showed a month-over-month boost, according to CommercialEdge data.<\/p>\n","protected":false},"author":870,"featured_media":1004545005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21742,21747,1601,15],"tags":[51047,50674],"class_list":["post-1004547402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-latest","category-office","category-phoenix","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Phoenix Market Update: Slight Improvement in Office Vacancy - 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