{"id":1004767659,"date":"2025-09-09T01:00:00","date_gmt":"2025-09-09T09:00:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004767659"},"modified":"2025-09-12T13:03:20","modified_gmt":"2025-09-12T21:03:20","slug":"phoenix-office-vacancy-remains-low-despite-challenges","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-office-vacancy-remains-low-despite-challenges\/","title":{"rendered":"Phoenix Office Vacancy Remains Low, Despite Challenges"},"content":{"rendered":"\n<p>The office construction activity in Phoenix remained sluggish during the first half of the year, according to the latest Yardi Research Data. The metro&#8217;s pipeline ranked seventh among its peers, while only three properties came online, marking a notable year-over-year drop in <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-office-deliveries\/\">office deliveries<\/a>.<\/p>\n\n\n\n<p>Similarly, office transactions in The Valley placed it sixth among peer markets, while average sale prices and rents were below the national level. However, Phoenix&#8217;s office vacancy rate was among the few bright spots <a href=\"https:\/\/www.commercialsearch.com\/news\/office-report-maturities-rise-as-vacancies-intensify\/\">as the sector struggles<\/a> with low occupancy.<\/p>\n\n\n\n<iframe title=\"Office Sales Volume &amp;amp; Prices in\u00a0High-Volume Secondary Markets\" aria-label=\"Table\" id=\"datawrapper-chart-XUs0J\" src=\"https:\/\/datawrapper.dwcdn.net\/XUs0J\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"546\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}})}();<\/script>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-phoenix-office-prices-high-volume-steady\">Phoenix office prices high, volume steady<\/h2>\n\n\n\n<p>Year-to-date through June, Phoenix\u2019s office sales volume reached $466 million, with assets trading at an average sale price of $185 per square foot\u2014slightly below the national average of $189 per square foot.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/2801-E.-Camelback-e1754489870613.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004767690\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-office-vacancy-remains-low-despite-challenges\/2801-e-camelback\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/2801-E.-Camelback-e1754489870613.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&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;0&quot;}\" data-image-title=\"2801 E. Camelback\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The four-story office building at 2801 E. Camelback Road changed hands in June. Image courtesy of Yardi Research Data&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/2801-E.-Camelback-e1754489870613.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/2801-E.-Camelback-e1754489870613.jpg\" alt=\"Exterior shot of 2801 E. Camelback Road, an office building in Phoenix.\" class=\"wp-image-1004767690\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/2801-E.-Camelback-e1754489870613.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/2801-E.-Camelback-e1754489870613.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">The four-story office building at 2801 E. Camelback Road changed hands in June. <em>Image courtesy of Yardi Research Data<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The Valley\u2019s transaction volume placed it sixth among its peers. The Bay Area led the rankings, with $3.2 billion in deals, while Houston followed with $1.2 billion. Phoenix outperformed Denver ($425 million) and Austin ($278 million), while Nashville&#8217;s $45 million posted the lowest figure across the top 25 U.S. markets.<\/p>\n\n\n\n<p>Noteworthy sales during the first half of 2025 include Koelbel &amp; Co.\u2019s $48.3 million acquisition of 2801 E. Camelback Road, a 115,000-square-foot, four-story office building. The buyer secured a $31.7 million acquisition loan from Pinnacle Bank.<\/p>\n\n\n\n<p>Another significant deal was the $44.6 million acquisition of Scottsdale Centre, a 163,727-square-foot office campus in Scottsdale, Ariz., purchased from MIG Real Estate, with acquisition funds from Glacier Bank totaling $29.3 million.<\/p>\n\n\n\n<p>The average sale price of $185 per square foot placed Phoenix fourth among its peer markets. The Bay Area led this category, with $387 per square foot, with San Diego ($347 per square foot) and Austin ($221 per square foot) following. In contrast, Denver was the most affordable office metro year-to-date through June, reaching and average of $95 per square foot.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-phoenix-office-vacancy-below-national-level\">Phoenix office vacancy below national level<\/h2>\n\n\n\n<p>The office vacancy rate in Phoenix clocked in at 17.1 percent in June\u2014below the national average of 19.4 percent and marking a 110-basis-point drop over the past 12 months. Among peer markets, the metro\u2019s rate was lowest, with Austin&#8217;s 28 percent at the other end of the spectrum.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/CityScape-e1754490210839.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"800\" data-attachment-id=\"1004767691\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-office-vacancy-remains-low-despite-challenges\/cityscape-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/CityScape-e1754490210839.jpg\" data-orig-size=\"600,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&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;0&quot;}\" data-image-title=\"CityScape\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Titaling 1.2 million square feet, CityScape is rising 27 stories in downtown Phoenix. Image courtesy of Yardi Research Data&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/CityScape-e1754490210839.jpg?w=600\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/CityScape-e1754490210839.jpg\" alt=\"Exterior shot of CityScape, a 1.2 million-square-foot office tower in Phoenix.\" class=\"wp-image-1004767691\" style=\"width:400px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/CityScape-e1754490210839.jpg 600w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/CityScape-e1754490210839.jpg?resize=225,300 225w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><figcaption class=\"wp-element-caption\">Totaling 1.2 million square feet, CityScape is rising 27 stories in downtown Phoenix.<em> Image courtesy of Yardi Research Data<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Among the few leases signed in the metro was RED Development&#8217;s <a href=\"https:\/\/www.commercialsearch.com\/news\/red-development-inks-lease-in-downtown-phoenix\/\">24,772-square-foot deal<\/a> at CityScape, an office tower in the city&#8217;s central business district. Non-profit organization Visit Phoenix will relocate here and establish its new headquarters.<\/p>\n\n\n\n<p>Another notable deal was HonorHealth&#8217;s 50,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/viawest-signs-50-ksf-medical-office-tenant\/\">medical office lease<\/a> at an office conversion project underway in Chandler, Ariz. The tenant plans to open its Arizona Center for Cancer Care at ViaWest Group&#8217;s Chandler Integrated Care Campus.<\/p>\n\n\n\n<p>Meanwhile, the average listing rates in Phoenix stood at $28.86 per square foot\u2014below the national average of $32.87 per square foot and among the most affordable rents in high-volume secondary markets. Phoenix outperformed Houston ($28.35 per square foot), while the most expensive rents were listed in the Bay Area ($51.93 per square foot) and Austin ($45.26 per square foot).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-slow-construction-activity\">Slow construction activity<\/h2>\n\n\n\n<p>As of June, Phoenix had 1.2 million square feet of space underway, spread across 16 projects and accounting for 0.7 percent of existing stock\u2014below the national figure of 0.9 percent. Across similar markets, Austin led with 3.7 percent, while the Bay Area and Dallas followed, with 1.2 percent each.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Chandler-Integrated-Care-Campus.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004763351\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/viawest-signs-50-ksf-medical-office-tenant\/chandler-integrated-care-campus\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Chandler-Integrated-Care-Campus.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&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=\"Chandler Integrated Care Campus\" data-image-description=\"&lt;p&gt;Exterior shot of Chandler Integrated Care Campus, a medical office building in Chandler, Ariz.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Chandler Integrated Care Campus will be the result of an office-to-medical office conversion. Image courtesy of ViaWest Group&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Chandler-Integrated-Care-Campus.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Chandler-Integrated-Care-Campus.jpg?w=1000\" alt=\"Exterior shot of Chandler Integrated Care Campus, a medical office building in Chandler, Ariz.\" class=\"wp-image-1004763351\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Chandler-Integrated-Care-Campus.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Chandler-Integrated-Care-Campus.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/07\/Chandler-Integrated-Care-Campus.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">Chandler Integrated Care Campus is an office-to-medical office conversion project currently underway in Chandler, Ariz.. <em>Image courtesy of ViaWest Group<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>In terms of square footage among high-volume secondary markets, the Valley\u2019s pipeline was one of the smallest ones, with only Atlanta (1 million square feet) and Denver (508,871 square feet) lagging. Austin led this ranking with 4.1 million square feet.<\/p>\n\n\n\n<p>The largest office project underway in the metro is Republic Services\u2019 upcoming 265,525-square-foot headquarters at 5353 E. City North Drive. Developed by U.S. Realty Advisors, the project was backed by a $168.2 million construction loan issued by Wilmington Trust.<\/p>\n\n\n\n<p>The second-largest project under construction is Sprouts Farmers Market\u2019s 144,500-square-foot new headquarters project, that broke ground in June.<\/p>\n\n\n\n<p>Year-to-date through June, construction starts in Phoenix comprised only 235,715 square feet across five properties, while developers completed three properties totaling 202,521 square feet. Deliveries in the metro registered a 57.7 percent drop since the same period last year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-office-to-residential-projects-in-the-metro\">Office-to-residential projects in the metro<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/17302-e1754492270781.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004767706\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-office-vacancy-remains-low-despite-challenges\/attachment\/17302\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/17302-e1754492270781.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&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;0&quot;}\" data-image-title=\"17302\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The two-building office campus will be rebranded as Canyon Village as it will include 376 apartment units. Image courtesy of Yardi Research Data&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/17302-e1754492270781.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/17302-e1754492270781.jpg\" alt=\"Canyon Corporate Center is a two-building office campus undergoing a residential conversion project in Phoenix.\" class=\"wp-image-1004767706\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/17302-e1754492270781.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/17302-e1754492270781.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">The two-building office campus will be rebranded as Canyon Village as it will include 376 apartment units. <em>Image courtesy of Yardi Research Data<\/em><\/figcaption><\/figure><\/div>\n\n\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/office-conversions-demolitions-outpace-new-construction\/\">Office-to-residential conversions<\/a> gained ground as an option for underutilized properties. To help assess which markets and buildings make strong candidates for such initiatives, Yardi launched the Conversion Feasibility Index last year. It evaluates a building&#8217;s potential for residential conversion using a set of property-level scores.<\/p>\n\n\n\n<p>One such project is the <a href=\"https:\/\/www.multihousingnews.com\/caliber-gets-the-go-ahead-for-phoenix-conversion-project\/\" target=\"_blank\" rel=\"noreferrer noopener\">conversion of Canyon Corporate Center<\/a>, a distressed, two-building office campus in the metro. Caliber Cos. purchased the asset from ViaWest group last year and recently received approval for the redevelopment project, which will include 376 rental units.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-coworking-sector-keeps-steady\">Coworking sector keeps steady<\/h2>\n\n\n\n<p>As of June, the coworking sector in Phoenix comprised 2.9 million square feet across 153 locations. In terms of square footage, the metro\u2019s footprint was on par with the Bay Area\u2019s and outperformed San Diego (2.5 million square feet), Nashville (2.1 million square feet) and Austin (1.8 million square feet).<\/p>\n\n\n\n<p>Phoenix\u2019s share of coworking space as percentage of total leasable office space stood at 2 percent in June\u2014on par with the national average and outperforming Dallas (1.7 percent), Houston (1.7 percent) and the Bay Area (1.4 percent).<\/p>\n\n\n\n<p>Regus remained the flex office provider with the largest footprint in The Valley, with operations totaling 622,626 square feet. The company was followed by Industrious, with 259,344 square feet and Spaces, with 155,435 square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Get the latest snapshot of the metro\u2019s fundamentals, based on Yardi Research Data.<\/p>\n","protected":false},"author":2991,"featured_media":1004767690,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,22251,21783,52420,21742,21747,1601,15],"tags":[51047],"class_list":["post-1004767659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-in-focus","category-investment","category-market-updates","category-latest","category-office","category-phoenix","category-west","tag-marketupdate"],"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 Office Vacancy Remains Low, Despite Challenges - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Phoenix&#039;s office vacancy rate was among the lowest ones when compared to its peers, while its pipeline slowed down,\" \/>\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-office-vacancy-remains-low-despite-challenges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phoenix Office Vacancy Remains Low, Despite Challenges\" \/>\n<meta property=\"og:description\" content=\"Phoenix&#039;s office vacancy rate was among the lowest ones when compared to its peers, while its pipeline slowed down,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/phoenix-office-vacancy-remains-low-despite-challenges\/\" \/>\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=\"2025-09-09T09:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-12T21:03:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/08\/2801-E.-Camelback-e1754489870613.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\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-office-vacancy-remains-low-despite-challenges\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-office-vacancy-remains-low-despite-challenges\/\",\"name\":\"Phoenix Office Vacancy Remains Low, Despite Challenges - 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Camelback Road changed hands in June. 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