{"id":1004551128,"date":"2021-09-30T03:07:26","date_gmt":"2021-09-30T11:07:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004551128"},"modified":"2022-12-08T07:46:23","modified_gmt":"2022-12-08T15:46:23","slug":"phoenix-market-update-office-vacancy-keeps-improving","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-office-vacancy-keeps-improving\/","title":{"rendered":"Phoenix Market Update: Office Vacancy Keeps Improving"},"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>After an encouraging July, Phoenix\u2019s office vacancy rate kept bettering in August, according to CommercialEdge information. The average rate dropped to 17.2 percent, marking a 50-basis-point decrease month-over-month and a 30-basis-point drop when compared to August 2020. However, the value continued to remain higher than the national rate of 15.4 percent.<\/p>\n<p>As no new construction was added to the metro\u2019s inventory in August, the vacancy decrease shows the <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-office-transactions-in-phoenix\/\">Phoenix office market<\/a> advancing on the road to recovery. If put against secondary markets similar in business climate and total stock, the metro maintained the same middle-ground position between Atlanta (19.7 percent vacancy rate) and Charlotte (15.3 percent).<\/p>\n<p>When looking at submarkets with at least 4 million square feet of inventory, few of them manifested significant changes in office vacancy month-over-month, such as Scottsdale\u2013Airpark (80 basis points) and Phoenix\u2013Central Business District (70 basis points).<\/p>\n<p>The best performing submarkets in terms of vacancy remained Tempe\u2013Mill, with a 4.6 percent vacancy rate, followed by Mesa, with 7.7 percent. Tempe, the largest office submarket with an inventory of 14.8 million square feet, had a slight rise in vacancy, moving from 14.1 to 14.8 percent.<\/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\/\">here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Valley\u2019s leasing activity received another boost, according to the latest 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":[21784,22251,21742,21747,1601,15],"tags":[51047,50674],"class_list":["post-1004551128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-in-focus","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) - 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