"Virtually all of the net absorption has been in class A," Michael Beall, senior director with Cushman & Wakefield of Arizona Inc. tells GlobeSt.com. "We're seeing very little in class B and C."

Beall said tenants who once settled for back-end offices are finding that cut-rate deals on class A space will allow them to move into upscale office parks that give them a better location and more visibility.

"With the market being soft, class A office space is being reduced so that people that would have rented class B space can now get class A space at virtually the same price," Peter Nieman, senior vice president of Colliers International tells GlobeSt.com. "There's more opportunities to lease quality space than there was two or three years ago."