Phoenix Q1 2020 Office Market Report

In Quarter 1 of 2021 there was a total of 26,667,788 SF of vacant available space in the Phoenix market, a 15% increase from 1 year ago. The 4 &5 star properties represented a 16.6% vacancy rate
compared to 13.6% for the greater Phoenix office market. In Q1 2021, there have been Net Deliveries of 1,418,694 SF to the market bringing the total existing inventory to 195 million square feet. Average asking rates have decreased to $26.64/SF.

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