Search
 

Metro Phoenix Average Rents Holding Steady

PHOENIX-The rents are holding relatively firm for all product type although occupancy admittedly is up just a shade. The metro region's stable rates get the credit for across-the-board increased leasing activity.

By Beverly Ford | Updated on September 12, 2002

PHOENIX-The average lease rates for retail, office and industrial properties in Phoenix have remained steady since the first quarter despite a slight upturn in vacancy during the second quarter of the year. According to a market report prepared by CB Richard Ellis Inc., both indicators are a positive sign for the region’s rental market.

“The stabilization in lease rates is an another indication that activity is slowly picking up across all sectors,” said Pete Bolton, CB Richard Ellis’ senior managing director.

Bolton said tenants currently are in a good position to upgrade their existing space and many are doing just that. “In some cases, we’ve been able to place clients in a new space and immediately backfill the one they just left with new tenants,” he said. “That’s the kind of activity we like to see.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.