3Q19 Phoenix Office Market Report

In Quarter 3 of 2019 there was a total of 22,836,749 vacant available in the Phoenix market. The 4 &5 star properties represented a 13.8% vacancy rate compared to 12.1% for the greater Phoenix office market. In Q3 2019 there has been Net Deliveries of 767,127 SF to the market bringing the total existing inventory to 187.5 million square feet. Average asking rates are $25.83/sf up 4.55% from one year ago.