Insights
Arizona
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Apartment
Average Vacancy Rate 4.4%
- Rose by 50 basis points.
- Highest level since Q2 2015.
- Expected to finish 2021 at 4.5%.
Distribution / Warehousing
Average Vacancy Rate 7.4%
- Drifted downward by 30 basis points.
- Among the 20 lowest vacancies nationally.
- Expected to finish 2021 at 7.4%.
Office
Average Vacancy Rate 23.6%
- Drifted downward by 30 basis points.
- Among the 10 highest vacancies nationally.
- Expected to finish 2021 at 25.2%.
Retail
Average Vacancy Rate 13.1%
- No change since year-end 2020.
- Among the 20 highest vacancies nationally.
- Expected to finish 2021 at 14.9%.
RENT
Apartment
Average Asking Rent $1,194
- Up 0.4% from year-end 2020.
- Has risen in every quarter since Q3 2011.
- Expected to finish 2021 at $1,218.
Distribution / Warehousing
Average Asking Rent $7.07
- Up 1.0% from year-end 2020.
- Fastest rate of increase in eight quarters.
- Expected to finish 2021 at $7.24.
Office
Average Asking Rent $25.36
- Down 0.1% from year-end 2020.
- Expected to finish 2021 at $24.53.
Retail
Average Asking Rent $22.63
- Down 0.4% from year-end 2020.
- Expected to finish 2021 at $20.92.
VACANCY
Apartment
Average Vacancy Rate 5.1%
- No change since year-end 2020.
- Highest level since Q1 2018.
- Expected to finish 2021 at 5.2%.
Distribution / Warehousing
Average Vacancy Rate 13.7%
- Fell by 50 basis points.
- Among the 20 highest vacancies nationally.
- Expected to finish 2021 at 14.0%.
Flex / R&D
Average Vacancy Rate 13.1%
- Drifted upward by 10 basis points.
- Among the 10 highest vacancies nationally.
- Expected to finish 2021 at 13.5%.
Office
Average Vacancy Rate 21.5%
- Drifted downward by 10 basis points.
- Among the 20 highest vacancies nationally.
- Expected to finish 2021 at 23.2%.
Retail
Average Vacancy Rate 9.8%
- Drifted upward by 10 basis points.
- Expected to finish 2021 at 11.6%.
RENT
Apartment
Average Asking Rent $1,177
- Up 0.9% from year-end 2020.
- Fastest rate of increase in four quarters.
- Expected to finish 2021 at $1,215.
Distribution / Warehousing
Average Asking Rent $6.36
- Flat since year-end 2020.
- Expected to finish 2021 at $6.53.
Flex / R&D
Average Asking Rent $11.47
- Flat since year-end 2020.
- Expected to finish 2021 at $11.49.
Office
Average Asking Rent $27.36
- Up 0.7% from year-end 2020.
- Fastest rate of increase in five quarters.
- Expected to finish 2021 at $25.99.
Retail
Average Asking Rent $20.68
- Down 0.8% from year-end 2020.
- Expected to finish 2021 at $19.40.
VACANCY
Apartment
Average Vacancy Rate 3.8%
- No change since year-end 2020.
- Among the 20 lowest vacancies nationally.
- Expected to finish 2021 at 4.0%.
Distribution / Warehousing
Average Vacancy Rate 13.3%
- Declined by 240 basis points.
- Among the 20 highest vacancies nationally.
- Expected to finish 2021 at 12.8%.
Office
Average Vacancy Rate 23.5%
- Fell by 150 basis points.
- Among the 10 highest vacancies nationally.
- Expected to finish 2021 at 25.5%.
Retail
Average Vacancy Rate 9.9%
- Drifted downward by 30 basis points.
- Expected to finish 2021 at 11.7%.
RENT
Apartment
Average Asking Rent $883
- Second fastest rent growth in the nation, behind only Tacoma.
- Fastest rate of increase in five quarters.
- Expected to finish 2021 at $901.
Distribution / Warehousing
Average Asking Rent $5.63
- Up 0.2% from year-end 2020.
- Expected to finish 2021 at $5.72.
Office
Average Asking Rent $22.30
- Ninth fastest rent growth in the nation, and the second in the West region, behind only San Bernardino/Riverside.
- Fastest rate of increase since Q1 2011.
- Expected to finish 2021 at $21.71.
Retail
Average Asking Rent $18.13
- Up 0.1% from year-end 2020.
- Expected to finish 2021 at $17.29.