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The overall vacancy rate has leveled off at 21.9 percent, the same as reported for the previous quarter. Fourth quarter absorption reversed previous trends by posting a positive 510,776 square feet. For the entire year, however, absorption ended at a negative 1,840,954 square feet. Overall rental rates have declined to $23.02 per square foot, down again from $23.02 per square foot last quarter. Deliveries rose slightly this quarter to 475,320 square feet. Construction activity continues to decline to 1.5 msf, reflecting softening market conditions that began two years ago. Although there is nearly 12 million square feet of office space still classified as proposed, many of the projects have evaporated.
Contact Matt DePinto at 602.222.5029 for more information.
  Phoenix Office Market Report 4Q09.pdf
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