Insights
Arizona
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Apartment
The average Vacancy Rate was 2.6% in the Las Vegas metro
- The Las Vegas metro had the second lowest vacancy in the nation, behind only Central New Jersey.
- Vacancy in the Las Vegas metro drifted downward by 10 basis points.
- The Las Vegas metro had the lowest vacancy level since year-end 1994.
Distribution / Warehousing
The average Vacancy Rate was 2.1% in the Las Vegas metro
- Vacancy in the Las Vegas metro has been in decline for seven consecutive quarters.
- The Las Vegas metro had the lowest vacancy level since Q1 2017.
- Vacancy is expected to finish 2022 at 2.0% in the Las Vegas metro.
Office
The average Vacancy Rate was 22.6% in the Las Vegas metro
- Vacancy in the Las Vegas metro fell by 50 basis points.
- The Las Vegas metro had the lowest vacancy level since Q2 2009.
- Vacancy is expected to finish 2022 at 23.3% in the Las Vegas metro.
Retail
The average Vacancy Rate was 13.4% in the Las Vegas metro
- No vacancy change since Q2 2022 in the Las Vegas metro.
- The Las Vegas metro had the highest vacancy level since Q3 1999.
- Vacancy is expected to finish 2022 at 13.2% in the Las Vegas metro.
RENT
Apartment
The average Asking Rent was $1,513 in the Las Vegas metro
- Rent in the Las Vegas metro was up 0.9% from Q2 2022.
- Rent has risen in every quarter since Q3 2011 in the Las Vegas metro.
- Rent is expected to finish 2022 at $1,525 in the Las Vegas metro.
Distribution / Warehousing
The average Asking Rent was $8.49 in the Las Vegas metro
- Rent in the Las Vegas metro was up 3.7% from Q2 2022.
- Rent Has risen for seven consecutive quarters in the Las Vegas metro.
- Rent is expected to finish 2022 at $8.74 in the Las Vegas metro.
Office
The average Asking Rent was $26.12 in the Las Vegas metro
- Rent in the Las Vegas metro was up 0.8% from Q2 2022.
- Las Vegas metro had its fastest rent rate of increase since year-end 2007.
- Rent Has risen for six consecutive quarters in the Las Vegas metro.
Retail
The average Asking Rent was $22.67 in the Las Vegas metro
- Rent in the Las Vegas metro was up 0.2% from Q2 2022.
- Rent is expected to finish 2022 at $22.68 in the Las Vegas metro.
VACANCY
Apartment
The average Vacancy Rate was 4.4% in the Phoenix metro
- No vacancy change since Q2 2022 in the Phoenix metro.
- The Phoenix metro had the lowest vacancy level since Q1 2017.
- Vacancy is expected to finish 2022 at 4.6% in the Phoenix metro.
Distribution / Warehousing
The average Vacancy Rate was 4.2% in the Phoenix metro
- Vacancy in the Phoenix metro has been in decline for eight consecutive quarters.
- The Phoenix metro had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2022 at 3.9% in the Phoenix metro.
Flex / R&D
The average Vacancy Rate was 8.0% in the Phoenix metro
- Vacancy in the Phoenix metro fell by 90 basis points.
- The Phoenix metro had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2022 at 7.5% in the Phoenix metro.
Office
The average Vacancy Rate was 21.6% in the Phoenix metro
- Vacancy in the Phoenix metro fell by 50 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
- No vacancy change since Q2 2022 in the Phoenix metro.
- The Phoenix metro had the lowest vacancy level since Q2 2009.
- Vacancy is expected to finish 2022 at 9.5% in the Phoenix metro.
RENT
Apartment
The average Asking Rent was $1,522 in the Phoenix metro
- Rent in the Phoenix metro was up 1.5% from Q2 2022.
- Rent Has risen for nine 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 $7.66 in the Phoenix metro
- Rent in the Phoenix metro was up 3.4% from Q2 2022.
- Rent Has risen for six consecutive quarters in the Phoenix metro.
- Rent is expected to finish 2022 at $7.97 in the Phoenix metro.
Flex / R&D
The average Asking Rent was $12.92 in the Phoenix metro
- Rent in the Phoenix metro was up 2.1% from Q2 2022.
- Rent Has risen for six consecutive quarters in the Phoenix metro.
- Rent is expected to finish 2022 at $13.17 in the Phoenix metro.
Office
The average Asking Rent was $28.12 in the Phoenix metro
- Rent in the Phoenix metro was up 0.6% from Q2 2022.
- Phoenix metro had its fastest rent rate of increase in six quarters.
- Rent Has risen for ten consecutive quarters in the Phoenix metro.
Retail
The average Asking Rent was $20.82 in the Phoenix metro
- Rent in the Phoenix metro was up 0.2% from Q2 2022.
- Rent is expected to finish 2022 at $20.85 in the Phoenix metro.
VACANCY
Apartment
The average Vacancy Rate was 3.4% in the Tucson metro
- Vacancy in the Tucson metro drifted downward by 30 basis points.
- The Tucson metro had the lowest vacancy level since year-end 1994.
- Vacancy is expected to finish 2022 at 3.7% in the Tucson metro.
Distribution / Warehousing
The average Vacancy Rate was 3.2% in the Tucson metro
- Vacancy in the Tucson metro has been in decline for seven consecutive quarters.
- The Tucson metro had the lowest vacancy level since Q1 2017.
- Vacancy is expected to finish 2022 at 3.0% in the Tucson metro.
Office
The average Vacancy Rate was 19.6% in the Tucson metro
- Vacancy in the Tucson metro fell by 110 basis points.
- The Tucson metro had the lowest vacancy level since Q2 2018.
- Vacancy is expected to finish 2022 at 19.5% in the Tucson metro.
Retail
The average Vacancy Rate was 9.4% in the Tucson metro
- Vacancy in the Tucson metro drifted upward by 10 basis points.
- Vacancy is expected to finish 2022 at 9.4% in the Tucson metro.
RENT
Apartment
The average Asking Rent was $1,183 in the Tucson metro
- Rent in the Tucson metro was up 2.7% from Q2 2022.
- Rent Has risen for nine consecutive quarters in the Tucson metro.
- Rent is expected to finish 2022 at $1,188 in the Tucson metro.
Distribution / Warehousing
The average Asking Rent was $6.54 in the Tucson metro
- Rent in the Tucson metro was up 3.0% from Q2 2022.
- Rent Has risen for nine consecutive quarters in the Tucson metro.
- Rent is expected to finish 2022 at $6.70 in the Tucson metro.
Office
The average Asking Rent was $22.74 in the Tucson metro
- Rent in the Tucson metro was up 0.3% from Q2 2022.
- Rent is expected to finish 2022 at $22.84 in the Tucson metro.
Retail
The average Asking Rent was $18.37 in the Tucson metro
- Rent in the Tucson metro was up 0.2% from Q2 2022.
- Rent Has risen for seven consecutive quarters in the Tucson metro.
- Rent is expected to finish 2022 at $18.42 in the Tucson metro.