Metro Phoenix School Performance Map
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Map of the Month – July 2016
Class "A" Office Vacancy Revisited
Last July we mapped Class “A” vacancy rates by CoStar submarkets showing eight (8) submarkets with vacancy rates under 10%; a significant improvement over 2014, and, a leading demand indicator for new office construction.
This month we compared vacancy rates for July 2016 with July 2015, again by CoStar submarkets, noting that while only five (5) submarkets’ rates were lower than 10%, 19 additional buildings had been added to the Class “A” inventory pushing some submarket vacancy rates over 10%. I.e.: with five (5) new “A” buildings added to the Chandler submarket, Chandlers’ vacancy moved from 6.1% to 18.4%. Even so, the Metro Phoenix Class “A” vacancy rate remained relatively stable at 16.2%.
Looking at the larger submarkets with no change in the number of buildings, the Camelback Corridors’ 22% vacancy rate hardly moved; the Midtown submarket improved from 30.2% to 24.1%; and, the Downtown submarket remained near 15%.
* Since July 2015, CoStar re-assigned six (6) Class “A” buildings from the 44th St. Corridor submarket to the Tempe submarket making time series vacancy rate adjustments for those submarkets risky.
To download map and chart click here: 2016 - Q2 Class "A" Office Vacancy (PDF)