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Valley's Direct Office Vacancy Drops 2%

PHOENIX-Downtown leads the pack when it comes to the biggest drop in office vacancy, posting a rate of 13.9% at the end of the second quarter versus 16.6% at the Q1 close. Leases like the state's 74,495 sf get credit for the change.

By Jennifer D. Duell | Updated on July 20, 2005

PHOENIX-As further evidence that the Valley office market is as hot as the weather, vacancy rates dropped 2% during the second quarter to 14% in comparison to 16.1% at the end Q1, according to the latest report from Cushman & Wakefield of Arizona Inc.

Downtown showed the most improvement in the 60-million-sf inventory. At the quarter’s close, the downtown vacancy was 13.9% versus 16.6% in the first quarter, with Midtown getting credit for the change. Midtown slashed its vacancy rate by 5% to end the quarter at 17.1%, according to the report. One of the larger Midtown leases closing in the quarter was the Arizona Department of Water Resources’ four-year lease for 74,495 sf of class A space in Meridian Bank Tower.

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