Insights
Arizona
BACK TO INSIGHTSMarket Overview
BACK TO INSIGHTSVACANCY
Apartment
The average Vacancy Rate was 2.8% in the Las Vegas metro
- The Las Vegas metro had the third lowest vacancy in the nation, and the second in the West region, behind only Las Vegas.
- Vacancy in the Las Vegas metro drifted downward by 20 basis points.
- The Las Vegas metro had the lowest vacancy level since year-end 1998.
Distribution / Warehousing
The average Vacancy Rate was 4.7% in the Las Vegas metro
- Vacancy in the Las Vegas metro drifted upward by 40 basis points.
- Vacancy is expected to finish 2022 at 4.4% in the Las Vegas metro.
Office
The average Vacancy Rate was 22.7% in the Las Vegas metro
- Vacancy in the Las Vegas metro drifted upward by 10 basis points.
- Vacancy is expected to finish 2022 at 23.6% 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 upward by 10 basis points.
- Vacancy is expected to finish 2022 at 12.8% in the Las Vegas metro.
RENT
Apartment
The average Asking Rent was $1,459 in the Las Vegas metro
- Rent in the Las Vegas metro was up 1.9% from year-end 2021.
- Rent has risen in every quarter since Q3 2011 in the Las Vegas metro.
- Rent is expected to finish 2022 at $1,514 in the Las Vegas metro.
Distribution / Warehousing
The average Asking Rent was $7.63 in the Las Vegas metro
- Rent in the Las Vegas metro was up 1.6% from year-end 2021.
- Rent is expected to finish 2022 at $7.88 in the Las Vegas metro.
Office
The average Asking Rent was $25.79 in the Las Vegas metro
- Rent in the Las Vegas metro was up 0.5% from year-end 2021.
- Rent is expected to finish 2022 at $25.77 in the Las Vegas metro.
Retail
The average Asking Rent was $22.70 in the Las Vegas metro
- The Las Vegas metro remained flat rent since year-end 2021.
- Rent is expected to finish 2022 at $22.61 in the Las Vegas metro.
VACANCY
Apartment
The average Vacancy Rate was 4.4% in the Phoenix metro
- Vacancy in the Phoenix metro drifted downward by 10 basis points.
- The Phoenix metro had the lowest vacancy level since Q1 2017.
- Vacancy is expected to finish 2022 at 4.7% in the Phoenix metro.
Distribution / Warehousing
The average Vacancy Rate was 7.7% in the Phoenix metro
- Vacancy in the Phoenix metro has been in decline for six consecutive quarters.
- The Phoenix metro had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2022 at 8.3% in the Phoenix metro.
Flex / R&D
The average Vacancy Rate was 9.7% in the Phoenix metro
- Vacancy in the Phoenix metro increased by 90 basis points.
- Vacancy is expected to finish 2022 at 8.6% in the Phoenix metro.
Office
The average Vacancy Rate was 21.7% in the Phoenix metro
- Vacancy in the Phoenix metro drifted upward by 40 basis points.
- Vacancy is expected to finish 2022 at 22.3% in the Phoenix metro.
Retail
The average Vacancy Rate was 9.5% in the Phoenix metro
- Vacancy in the Phoenix metro drifted downward by 10 basis points.
- The Phoenix metro had the lowest vacancy level since Q2 2009.
- Vacancy is expected to finish 2022 at 9.4% in the Phoenix metro.
RENT
Apartment
The average Asking Rent was $1,491 in the Phoenix metro
- The Phoenix metro had the second fastest rent growth in the nation, behind only Miami.
- Rent Has risen for seven consecutive quarters in the Phoenix metro.
- Rent is expected to finish 2022 at $1,541 in the Phoenix metro.
Distribution / Warehousing
The average Asking Rent was $6.78 in the Phoenix metro
- Rent in the Phoenix metro was up 1.5% from year-end 2021.
- Rent is expected to finish 2022 at $7.01 in the Phoenix metro.
Flex / R&D
The average Asking Rent was $11.90 in the Phoenix metro
- Rent in the Phoenix metro was up 0.8% from year-end 2021.
- Rent is expected to finish 2022 at $12.23 in the Phoenix metro.
Office
The average Asking Rent was $27.70 in the Phoenix metro
- Rent in the Phoenix metro was up 0.3% from year-end 2021.
- Rent Has risen for eight consecutive quarters in the Phoenix metro.
- Rent is expected to finish 2022 at $27.61 in the Phoenix metro.
Retail
The average Asking Rent was $20.73 in the Phoenix metro
- Rent in the Phoenix metro was up 0.1% from year-end 2021.
- Rent is expected to finish 2022 at $20.73 in the Phoenix metro.
VACANCY
Apartment
The average Vacancy Rate was 3.8% in the Tucson metro
- No vacancy change since year-end 2021 in the Tucson metro.
- Vacancy is expected to finish 2022 at 3.8% in the Tucson metro.
Distribution / Warehousing
The average Vacancy Rate was 10.1% in the Tucson metro
- Vacancy in the Tucson metro drifted downward by 20 basis points.
- The Tucson metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2022 at 9.7% in the Tucson metro.
Office
The average Vacancy Rate was 21.1% in the Tucson metro
- Vacancy in the Tucson metro fell by 140 basis points.
- The Tucson metro had the lowest vacancy level since Q2 2019.
- Vacancy is expected to finish 2022 at 20.8% in the Tucson metro.
Retail
The average Vacancy Rate was 9.6% in the Tucson metro
- No vacancy change since year-end 2021 in the Tucson metro.
- The Tucson metro had the lowest vacancy level since Q2 2019.
- Vacancy is expected to finish 2022 at 9.7% in the Tucson metro.
RENT
Apartment
The average Asking Rent was $1,104 in the Tucson metro
- Rent in the Tucson metro was up 2.9% from year-end 2021.
- Rent Has risen for seven consecutive quarters in the Tucson metro.
- Rent is expected to finish 2022 at $1,143 in the Tucson metro.
Distribution / Warehousing
The average Asking Rent was $5.96 in the Tucson metro
- Rent in the Tucson metro was up 1.2% from year-end 2021.
- Rent Has risen for seven consecutive quarters in the Tucson metro.
- Rent is expected to finish 2022 at $6.11 in the Tucson metro.
Office
The average Asking Rent was $22.95 in the Tucson metro
- Rent in the Tucson metro was up 0.4% from year-end 2021.
- Rent is expected to finish 2022 at $22.91 in the Tucson metro.
Retail
The average Asking Rent was $18.30 in the Tucson metro
- Rent in the Tucson metro was up 0.3% from year-end 2021.
- Rent is expected to finish 2022 at $18.41 in the Tucson metro.