By CJ Jorgensen for AZBEX
Phoenix is one of the few cities that demonstrated positive YOY office-using employment growth.
Yardi Matrixrecently released a National Office Report for 2024.
Phoenix’s listing rates increased by 0.9% in the last 12 months, at a current rate of $28.07 per square foot. The vacancy rates in Phoenix decreased by 60bps, with a total vacancy rate of 18.2%.
Camelback Collective was the top listing in Phoenix, with the price coming in it $52.50 per square foot.
Phoenix was the 23rd highest U.S. city when it came to office space under construction. Yardi Matrix reports that Phoenix only has 515KSF of office space under construction, which happens to be 0.4% of the under-construction stock. Adding in the planned projects brings Phoenix up to 2.3% stock.
Phoenix’s $181 YTD sales price per square foot surpasses the national average at $173 per square foot. Office sales in Phoenix reached a total of $923M as of Aug. 31.