{"id":1004581351,"date":"2022-05-24T03:56:26","date_gmt":"2022-05-24T11:56:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004581351"},"modified":"2022-12-08T22:51:43","modified_gmt":"2022-12-09T06:51:43","slug":"office-vacancy-plateaus-in-phoenix","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/office-vacancy-plateaus-in-phoenix\/","title":{"rendered":"Office Vacancy Plateaus in Phoenix"},"content":{"rendered":"

\"\"<\/a>The month of April brought no change to Phoenix’s office vacancy rate, CommercialEdge <\/strong>data shows. The metro\u2019s average rate remained at 15.1 percent, unchanged month-over-month and, once again, below the national 15.7 percent. However, the index was 360 basis points lower year-over-year.<\/p>\n

When compared to similar secondary markets, The Valley maintained a middle-ground position between Atlanta (20.7 percent vacancy rate) and Charlotte (14.5 percent). Both markets saw improvements in office leasing<\/a> activity over the month: Atlanta\u2019s index dropped 100 basis points, while Charlotte\u2019s had a 20-basis-point betterment.<\/p>\n

Asking rents went down both locally and nationally on a year-over-year basis. The Valley\u2019s full-service equivalent listing clocked in at $26.76 per square foot, down 1.1 percent, while the national rate was at $37.37 per square foot, marking a 2.5 percent decrease.<\/p>\n

The metro\u2019s office submarkets with inventories larger than 7 million square feet recorded both rises and decreases in office vacancy month-over-month. Phoenix-Central Corridor had one of the largest improvements, with vacancy down by 210 basis points. At the other edge of the spectrum, Scottsdale-Airpark saw a 310-basis-point vacancy increase.<\/p>\n

One of April\u2019s more significant deals closed in the Camelback East submarket. JLL<\/strong> signed a 31,000-square-foot lease<\/a> at The Grove, planning to relocate its Arizona headquarters at the $400 million mixed-use development. The global brokerage firm will occupy space on the first floor of the 180,000-square-foot office building underway at 4300 E. Camelback Road.<\/p>\n

CommercialEdge<\/a> 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":"

The market\u2019s average remained at 15.1 percent, according to CommercialEdge.<\/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-1004581351","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":"\nOffice Vacancy Plateaus in Phoenix<\/title>\n<meta name=\"description\" content=\"Phoenix's vacancy rate clocked in at 15.1 percent in April, unchanged month-over-month and still below the national average of 15.7 percent.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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