Office space in Midtown Phoenix is leasing at a discount in comparison to other office markets in the Valley, bringing rates of $18 per sf to $22 per sf. The vacancy rate for office space in the Midtown submarket is nearly 16%, one of the highest vacancy rates in the Valley. In contrast, that is 6% higher than the region's overall vacancy rate. Broker Adam Tolson of the Phoenix office of Insignia/ESG represented the tenant in the negotiations.
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