Insights
Arizona
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Apartment
The average Vacancy Rate was 3.2% in the Las Vegas metro
- The Las Vegas metro had the eighth lowest vacancy in the nation, and the second in the West region, behind only Albuquerque.
- Vacancy in the Las Vegas metro drifted upward by 10 basis points.
- Vacancy is expected to finish 2024 at 4.0% in the Las Vegas metro.
Distribution / Warehousing
The average Vacancy Rate was 12.6% in the Las Vegas metro
- Vacancy in the Las Vegas metro has risen for seven consecutive quarters.
- The Las Vegas metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 12.1% in the Las Vegas metro.
Office
The average Vacancy Rate was 25.4% in the Las Vegas metro
- Vacancy in the Las Vegas metro increased by 100 basis points.
- The Las Vegas metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 25.6% in the Las Vegas metro.
Retail
The average Vacancy Rate was 12.9% in the Las Vegas metro
- Vacancy in the Las Vegas metro drifted downward by 20 basis points.
- The Las Vegas metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 13.1% in the Las Vegas metro.
RENT
Apartment
The average Asking Rent was $1,481 in the Las Vegas metro
- Rent in the Las Vegas metro was down 0.1% from Q1 2024.
- Rent is expected to finish 2024 at $1,497 in the Las Vegas metro.
Distribution / Warehousing
The average Asking Rent was $9.41 in the Las Vegas metro
- Rent in the Las Vegas metro was up 0.2% from Q1 2024.
- Rent has risen in every quarter since year-end 2020 in the Las Vegas metro.
- Rent is expected to finish 2024 at $9.57 in the Las Vegas metro.
Office
The average Asking Rent was $27.12 in the Las Vegas metro
- Rent in the Las Vegas metro was up 0.2% from Q1 2024.
- Rent is expected to finish 2024 at $27.30 in the Las Vegas metro.
Retail
The average Asking Rent was $23.56 in the Las Vegas metro
- Rent in the Las Vegas metro was up 0.4% from Q1 2024.
- Rent is expected to finish 2024 at $23.63 in the Las Vegas metro.
VACANCY
Apartment
The average Vacancy Rate was 7.8% in the Phoenix metro
- Vacancy in the Phoenix metro drifted upward by 40 basis points.
- The Phoenix metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 7.9% in the Phoenix metro.
Distribution / Warehousing
The average Vacancy Rate was 13.0% in the Phoenix metro
- Vacancy in the Phoenix metro has risen for seven consecutive quarters.
- The Phoenix metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 13.1% in the Phoenix metro.
Flex / R&D
The average Vacancy Rate was 9.9% in the Phoenix metro
- Vacancy in the Phoenix metro rose by 70 basis points.
- The Phoenix metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 9.7% in the Phoenix metro.
Office
The average Vacancy Rate was 24.0% in the Phoenix metro
- Vacancy in the Phoenix metro rose by 150 basis points.
- The Phoenix metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 23.7% in the Phoenix metro.
Retail
The average Vacancy Rate was 9.1% in the Phoenix metro
- No vacancy change since Q1 2024 in the Phoenix metro.
- The Phoenix metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 8.9% in the Phoenix metro.
RENT
Apartment
The average Asking Rent was $1,566 in the Phoenix metro
- Rent in the Phoenix metro was down 0.2% from Q1 2024.
- Rent is expected to finish 2024 at $1,585 in the Phoenix metro.
Distribution / Warehousing
The average Asking Rent was $8.57 in the Phoenix metro
- Rent in the Phoenix metro was up 0.5% from Q1 2024.
- Rent has risen in every quarter since Q3 2013 in the Phoenix metro.
- Rent is expected to finish 2024 at $8.80 in the Phoenix metro.
Flex / R&D
The average Asking Rent was $13.61 in the Phoenix metro
- Rent in the Phoenix metro was up 0.5% from Q1 2024.
- Rent has risen in every quarter since Q1 2021 in the Phoenix metro.
- Rent is expected to finish 2024 at $13.92 in the Phoenix metro.
Office
The average Asking Rent was $29.29 in the Phoenix metro
- The Phoenix metro had the eighth fastest rent growth in the nation, and the second in the West region, behind only Albuquerque.
- Phoenix metro had its fastest rent rate of increase since year-end 2019.
- Rent has risen in every quarter since Q1 2020 in the Phoenix metro.
Retail
The average Asking Rent was $21.23 in the Phoenix metro
- Rent in the Phoenix metro was up 0.3% from Q1 2024.
- Rent is expected to finish 2024 at $21.38 in the Phoenix metro.
VACANCY
Apartment
The average Vacancy Rate was 5.6% in the Tucson metro
- Vacancy in the Tucson metro drifted upward by 30 basis points.
- The Tucson metro had the highest vacancy level since Q1 2015.
- Vacancy is expected to finish 2024 at 5.3% in the Tucson metro.
Distribution / Warehousing
The average Vacancy Rate was 2.7% in the Tucson metro
- The Tucson metro had the tenth lowest vacancy in the nation and the third lowest in the West.
- Vacancy in the Tucson metro fell by 80 basis points.
- The Tucson metro had the lowest vacancy level since Q1 2017.
Office
The average Vacancy Rate was 19.6% in the Tucson metro
- Vacancy in the Tucson metro declined by 70 basis points.
- The Tucson metro had the lowest vacancy level since Q2 2018.
- Vacancy is expected to finish 2024 at 19.5% in the Tucson metro.
Retail
The average Vacancy Rate was 9.6% in the Tucson metro
- Vacancy in the Tucson metro drifted upward by 40 basis points.
- The Tucson metro had the highest vacancy level since Q2 2021.
- Vacancy is expected to finish 2024 at 9.7% in the Tucson metro.
RENT
Apartment
The average Asking Rent was $1,229 in the Tucson metro
- Rent in the Tucson metro was up 0.3% from Q1 2024.
- Rent is expected to finish 2024 at $1,239 in the Tucson metro.
Distribution / Warehousing
The average Asking Rent was $7.37 in the Tucson metro
- Rent in the Tucson metro was up 0.8% from Q1 2024.
- Rent has risen in every quarter since Q2 2020 in the Tucson metro.
- Rent is expected to finish 2024 at $7.47 in the Tucson metro.
Office
The average Asking Rent was $23.48 in the Tucson metro
- The Tucson metro had the lowest rent growth in the nation.
- Rent is expected to finish 2024 at $23.75 in the Tucson metro.
Retail
The average Asking Rent was $18.66 in the Tucson metro
- Rent in the Tucson metro was up 0.1% from Q1 2024.
- Rent is expected to finish 2024 at $18.84 in the Tucson metro.