Q1 2020 Phoenix Office Market Report

In Quarter 1 of 2020 there was a total of 23,290,544 vacant available in the Phoenix market. The 4 and 5 star properties represented a 17.6% vacancy rate compared to 14.8% for the greater Phoenix office market. In Q1 2020 there has been Net Deliveries of 934,752 SF to the market bringing the total existing inventory to 192 million square feet. Average asking rates are $26.08/sf up 3.4% from one year ago.