Insights
Arizona
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Apartment
The average Vacancy Rate was 4.3% in the Las Vegas metro
- Vacancy in the Las Vegas metro drifted upward by 10 basis points.
- The Las Vegas metro was among the 20 lowest vacancies nationally.
Distribution / Warehousing
The average Vacancy Rate was 14.7% in the Las Vegas metro
- Vacancy in the Las Vegas metro drifted downward by 10 basis points.
- The Las Vegas metro was among the 10 highest vacancies nationally.
Office
The average Vacancy Rate was 25.1% in the Las Vegas metro
- Vacancy in the Las Vegas metro increased by 90 basis points.
- The Las Vegas metro was among the 20 highest vacancies nationally.
Retail
The average Vacancy Rate was 13.6% 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.
RENT
Apartment
The average Asking Rent was $1,505 in the Las Vegas metro
Distribution / Warehousing
The average Asking Rent was $9.64 in the Las Vegas metro
- Rent in the Las Vegas metro was up 0.5% from year-end 2024.
- Rent has risen in every quarter since year-end 2020 in the Las Vegas metro.
Office
The average Asking Rent was $27.47 in the Las Vegas metro
- Rent in the Las Vegas metro was up 0.2% from year-end 2024.
- Rent Has risen for six consecutive quarters in the Las Vegas metro.
Retail
The average Asking Rent was $23.98 in the Las Vegas metro
VACANCY
Apartment
The average Vacancy Rate was 8.7% in the Phoenix metro
- Vacancy in the Phoenix metro drifted downward by 10 basis points.
- The Phoenix metro was among the 10 highest vacancies nationally.
Distribution / Warehousing
The average Vacancy Rate was 12.6% in the Phoenix metro
- Vacancy in the Phoenix metro declined by 90 basis points.
- The Phoenix metro was among the 10 highest vacancies nationally.
Flex / R&D
The average Vacancy Rate was 9.6% in the Phoenix metro
- Vacancy in the Phoenix metro drifted upward by 10 basis points.
- The Phoenix metro was among the 10 highest vacancies nationally.
Office
The average Vacancy Rate was 24.9% in the Phoenix metro
- Vacancy in the Phoenix metro drifted downward by 10 basis points.
- The Phoenix metro was among the 20 highest vacancies nationally.
Retail
The average Vacancy Rate was 9.1% in the Phoenix metro
RENT
Apartment
The average Asking Rent was $1,525 in the Phoenix metro
Distribution / Warehousing
The average Asking Rent was $8.77 in the Phoenix metro
- Rent in the Phoenix metro was up 0.6% from year-end 2024.
- Rent has risen in every quarter since Q3 2013 in the Phoenix metro.
Flex / R&D
The average Asking Rent was $13.90 in the Phoenix metro
- The Phoenix metro had the fastest rent growth in the nation.
- Phoenix metro had its fastest rent rate of increase in ten quarters.
- Rent has risen in every quarter since Q1 2021 in the Phoenix metro.
Office
The average Asking Rent was $29.71 in the Phoenix metro
- Rent in the Phoenix metro was up 0.3% from year-end 2024.
- Rent has risen in every quarter since Q1 2020 in the Phoenix metro.
Retail
The average Asking Rent was $21.37 in the Phoenix metro
- Rent in the Phoenix metro was up 0.2% from year-end 2024.
- Rent Has risen for eight consecutive quarters in the Phoenix metro.
VACANCY
Apartment
The average Vacancy Rate was 7.6% in the Tucson metro
- No vacancy change since year-end 2024 in the Tucson metro.
- The Tucson metro was among the 20 highest vacancies nationally.
Distribution / Warehousing
The average Vacancy Rate was 13.3% in the Tucson metro
- Vacancy in the Tucson metro rose by 140 basis points.
- The Tucson metro was among the 10 highest vacancies nationally.
Office
The average Vacancy Rate was 20.6% in the Tucson metro
Retail
The average Vacancy Rate was 8.9% in the Tucson metro
- No vacancy change since year-end 2024 in the Tucson metro.
- The Tucson metro was among the 20 lowest vacancies nationally.
RENT
Apartment
The average Asking Rent was $1,206 in the Tucson metro
Distribution / Warehousing
The average Asking Rent was $7.44 in the Tucson metro
- Rent in the Tucson metro was up 0.3% from year-end 2024.
- Rent has risen in every quarter since Q2 2020 in the Tucson metro.