{"id":1004560901,"date":"2021-12-30T01:14:53","date_gmt":"2021-12-30T09:14:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004560901"},"modified":"2022-12-08T13:55:54","modified_gmt":"2022-12-08T21:55:54","slug":"phoenix-market-update-occupancy-still-on-the-rise","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-occupancy-still-on-the-rise\/","title":{"rendered":"Phoenix Market Update: Office Occupancy on the Rise"},"content":{"rendered":"

\"\"<\/a>November was another good month for the Greater Phoenix market as office vacancy<\/a> once again trended downward. According to CommercialEdge data, average vacancy decreased to 14.7 percent, marking a 250-basis-point drop year-over-year. By comparison, the national rate stood at 15.2 percent, 140 basis points higher than recorded in November 2020.<\/p>\n

As vacancy dropped, asking rents rose across the metro. The full-service equivalent listing rate clocked in at $28.01 per square foot in November, up 320 basis points year-over-year. The value was 27.5 percent lower than the national rate of $38.62 per square foot.<\/p>\n

Compared to similar secondary markets, the Valley occupied the same middle ground it had held for the previous few months: The metro fared better than Atlanta (20.7 percent vacancy) yet not so well as Charlotte (14.3 percent).<\/p>\n

Surveying submarkets with inventories larger than 10 million square feet, we find Tempe ranking well above the metro\u2019s average rate at 10.7 percent vacancy. On the other end of the spectrum, Phoenix \u2013 Central Corridor, with 10.8 million square feet in its office inventory, reached 25.4 percent vacancy.<\/p>\n

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Vacancy in the Valley beat the national average by 50 basis points, 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":[21784,21747,1601,15],"tags":[51047,50674],"class_list":["post-1004560901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-office","category-phoenix","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nPhoenix Market Update: Office Occupancy on the Rise - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-occupancy-still-on-the-rise\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phoenix Market Update: Office Occupancy on the Rise\" \/>\n<meta property=\"og:description\" content=\"Vacancy in the Valley beat the national average by 50 basis points, according to CommercialEdge data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-occupancy-still-on-the-rise\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-30T09:14:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T21:55:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"930\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-occupancy-still-on-the-rise\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-occupancy-still-on-the-rise\/\",\"name\":\"Phoenix Market Update: Office Occupancy on the Rise - 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