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Overall vacancy rates rose to 21.4%, up from last quarter’s 19.9%. The Central Business District continues with the lowest vacancy rate at 16.8%. Office absorption posted a negative 723,896 square feet (sf). The only sector that recorded positive absorption for the quarter is the Central East Valley at 23,398 sf. Rental rates have dropped to $24.51 per square foot (psf), down from $25.31 psf last quarter. Construction activity is down again for the fifth straight quarter with 2.4 million square feet (msf).
Contact Matt DePinto at 602.222.5029 for more information.
  Phoenix Office Market Report 2Q09.pdf
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