Office vacancy in the Phoenix market dropped to an average of 17.8 percent from 18.8 percent at the end of the fourth quarter of 2013. According to CoStar Group, a Washington, D.C.-based research firm.
The average asking rental rate for all classes of office property in the Phoenix office market was $20.42 per square feet a .06 percent increase from the end of the fourth quarter of 2013.
Closer to home, here in Payson Arizona, Costar tracks the current Office vacancy rate in Payson, at 29.5 percent, up from 25 percent in the 4th quarter of 2013.
Office lease/rental asking rates in Payson for the current quarter of 2014 is $13.84, up just under 5 percent from the fourth quarter of 2013.
Let me know how I can help you with your commercial property management, sales and leasing needs.
The views and opinions expressed in this commentary are those of Richard D Chapin, PLLC as of the date of publication and are subject to change, and do not necessarily reflect the views of Arizona Elite Commercial and/or its affiliates.
This information is for informational purpose and not intended to be investment advice, and should be explained to you in detail. You should always seek legal and/or tax advice to obtain further information you deem necessary. I want you to be prepared.