Insights
Arizona
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Apartment
The average Vacancy Rate was 3.1% in the Las Vegas metro
Distribution / Warehousing
The average Vacancy Rate was 9.8% in the Las Vegas metro
- Vacancy in the Las Vegas metro rose by 320 basis points.
- The Las Vegas metro had the highest vacancy level since Q1 2017.
Office
The average Vacancy Rate was 24.8% in the Las Vegas metro
- Vacancy in the Las Vegas metro rose by 140 basis points.
- The Las Vegas metro had the highest vacancy level since year-end 2015.
Retail
The average Vacancy Rate was 13.3% in the Las Vegas metro
RENT
Apartment
The average Asking Rent was $1,500 in the Las Vegas metro
Distribution / Warehousing
The average Asking Rent was $9.29 in the Las Vegas metro
- Rent in the Las Vegas metro was up 1.2% from Q3 2023.
- Rent has risen in every quarter for the past three years in the Las Vegas metro.
Office
The average Asking Rent was $26.94 in the Las Vegas metro
Retail
The average Asking Rent was $23.46 in the Las Vegas metro
- Rent in the Las Vegas metro was up 0.2% from Q3 2023.
- Rent Has risen for six consecutive quarters in the Las Vegas metro.
VACANCY
Apartment
The average Vacancy Rate was 6.8% in the Phoenix metro
- Vacancy in the Phoenix metro has risen for eight consecutive quarters.
- The Phoenix metro had the highest vacancy level since Q1 2012.
Distribution / Warehousing
The average Vacancy Rate was 9.5% in the Phoenix metro
- Vacancy in the Phoenix metro rose by 70 basis points.
- The Phoenix metro had the highest vacancy level since Q2 2021.
Flex / R&D
The average Vacancy Rate was 8.9% in the Phoenix metro
Office
The average Vacancy Rate was 22.2% in the Phoenix metro
- Vacancy in the Phoenix metro rose by 60 basis points.
- The Phoenix metro had the highest vacancy level since Q3 2018.
Retail
The average Vacancy Rate was 9.2% in the Phoenix metro
RENT
Apartment
The average Asking Rent was $1,552 in the Phoenix metro
Distribution / Warehousing
The average Asking Rent was $8.35 in the Phoenix metro
- Rent in the Phoenix metro was up 0.6% from Q3 2023.
- Rent Has risen for eleven consecutive quarters in the Phoenix metro.
Flex / R&D
The average Asking Rent was $13.45 in the Phoenix metro
- Rent in the Phoenix metro was up 0.3% from Q3 2023.
- Rent Has risen for eleven consecutive quarters in the Phoenix metro.
Office
The average Asking Rent was $28.94 in the Phoenix metro
- Rent in the Phoenix metro was up 0.1% from Q3 2023.
- Rent has risen in every quarter since Q1 2020 in the Phoenix metro.
Retail
The average Asking Rent was $21.07 in the Phoenix metro
VACANCY
Apartment
The average Vacancy Rate was 4.8% 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 2017.
Distribution / Warehousing
The average Vacancy Rate was 3.6% in the Tucson metro
Office
The average Vacancy Rate was 20.5% in the Tucson metro
Retail
The average Vacancy Rate was 9.0% in the Tucson metro
RENT
Apartment
The average Asking Rent was $1,231 in the Tucson metro
Distribution / Warehousing
The average Asking Rent was $7.30 in the Tucson metro
- Rent in the Tucson metro was up 0.7% from Q3 2023.
- Rent has risen in every quarter since Q2 2020 in the Tucson metro.