Insights
Arizona
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Apartment
Average Vacancy Rate 4.4%
- No change since Q1 2020.
- Highest level since Q2 2015.
- Expected to finish 2020 at 6.2%.
Distribution / Warehousing
Average Vacancy Rate 8.0%
- Drifted upward by 40 basis points.
- Expected to finish 2019 at 6.9%.
Office
Average Vacancy Rate 23.5%
- Drifted upward by 40 basis points.
- Among the 10 highest vacancies nationally.
- Expected to finish 2020 at 25.8%.
Retail
Average Vacancy Rate 13.0%
- Drifted downward by 10 basis points.
- Among the 20 highest vacancies nationally.
- Expected to finish 2020 at 15.2%.
RENT
Apartment
Average Asking Rent $1,161
- Down 0.1% from Q1 2020.
- Expected to finish 2020 at $1,115.
Distribution / Warehousing
Average Asking Rent $6.65
- Up 0.2% from year-end 2018.
- Has risen for six consecutive quarters.
- Expected to finish 2019 at $6.78.
Office
Average Asking Rent $25.53
- Down 0.5% from Q1 2020.
- Expected to finish 2020 at $24.06.
Retail
Average Asking Rent $22.75
- Down 0.4% from Q1 2020.
- Expected to finish 2020 at $20.10.
VACANCY
Apartment
Average Vacancy Rate 4.5%
- Drifted downward by 10 basis points.
- Expected to finish 2020 at 6.3%.
Distribution / Warehousing
Average Vacancy Rate 13.7%
- Drifted upward by 10 basis points.
- Among the 20 highest vacancies nationally.
- Expected to finish 2020 at 15.3%.
Flex / R&D
Average Vacancy Rate 14.4%
- Drifted downward by 10 basis points.
- Among the 10 highest vacancies nationally.
- Expected to finish 2020 at 16.6%.
Office
Average Vacancy Rate 21.6%
- Drifted downward by 40 basis points.
- Among the 20 highest vacancies nationally.
- Expected to finish 2020 at 24.0%.
Retail
Average Vacancy Rate 9.5%
- No change since Q1 2020.
- Lowest level since Q2 2009.
- Expected to finish 2020 at 11.9%.
RENT
Apartment
Average Asking Rent $1,145
- Down 0.4% from Q1 2020.
- Expected to finish 2020 at $1,103.
Distribution / Warehousing
Average Asking Rent $6.22
- Second fastest rent growth in the nation, behind only Fort Worth.
- Fastest rate of increase in five quarters.
- Has risen in every quarter since Q3 2013.
Flex / R&D
Average Asking Rent $11.33
- Fastest rent growth in the West region, sixth most rapid in the nation.
- Expected to finish 2020 at $10.65.
Office
Average Asking Rent $26.92
- Up 0.1% from Q1 2020.
- Expected to finish 2020 at $25.16.
Retail
Average Asking Rent $20.92
- Down 0.4% from Q1 2020.
- Expected to finish 2020 at $18.79.
VACANCY
Apartment
Average Vacancy Rate 3.8%
- Drifted upward by 10 basis points.
- Among the 20 lowest vacancies nationally.
- Expected to finish 2020 at 5.9%.
Distribution / Warehousing
Average Vacancy Rate 16.1%
- Increased by 100 basis points.
- Among the 10 highest vacancies nationally.
- Expected to finish 2019 at 15.7%.
Office
Average Vacancy Rate 24.5%
- Second highest in the nation. Only Dayton is currently softer.
- Increased by 250 basis points.
- Highest level since Q3 1999.
Retail
Average Vacancy Rate 10.0%
- Drifted upward by 10 basis points.
- Highest level since Q1 2012.
- Expected to finish 2020 at 12.2%.
RENT
Apartment
Average Asking Rent $842
- Down 0.5% from Q1 2020.
- Expected to finish 2020 at $821.
Distribution / Warehousing
Average Asking Rent $5.37
- Up 0.4% from year-end 2018.
- Expected to finish 2019 at $5.44.
Office
Average Asking Rent $22.15
- Second lowest rent growth in the nation, higher than only Fort Worth.
- Expected to finish 2020 at $21.76.
Retail
Average Asking Rent $18.35
- Fifth fastest rent growth in the nation, and the second in the West region, behind only Las Vegas.
- Expected to finish 2020 at $17.04.