Phoenix Q2 2021 Office Market Report

In the 2nd quarter of 2021 there was a total of 27,513,374 SF of vacant available space in the Phoenix market, a 16.16% increase from one year ago. The 4 & 5 star properties represented a 18.2% vacancy rate compared to 13.4% for the greater Phoenix office market. In Q2 2021, there have been Net Deliveries of 1,918,395 SF to the market bringing the total existing inventory to 194 million square feet. Average asking rates have increased to $26.36/SF from 26.08/SF in the previous quarter.

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