PHOENIX-Area commercial real estate metrics continue pointing to solid improvement. The latest report, Collier International/Phoenix's Multifamily Research & Forecast Report for Q3 2013, shows vacancy at 7.4%., a decline from the 8.2% reported a year ago.

The vacancy is the area's lowest one since early 2011, despite new units coming online. The report points out that vacancy among class C units is the highest at 10%, but also declined the quickest, falling 180 basis points within the past year. Part of the reason for this class' success is due to previously distressed multifamily properties being acquired and stabilized by new ownership. On the other end of the class spectrum, class A properties have a 5.8% vacancy.

The decline in vacancy has meant an increase in rents; average asking rents increased 1.2% year-over-year. submarkets in the East Valley are reporting strong annual rent gains, as are Downtown and Midtown. Rents among class A properties increased 3.4% from the same time the year before.