Both cities experienced poor statistics during the previousmonths. Figures from CB Richard Ellis' Q4 2009 MarketView PhoenixIndustrial report showed an increase in vacancy to 16.1%, up from13.3% from a year ago. The area inventory stands at 269.6 million,while absorption was negative 572,227 square feet.
Meanwhile, in Tucson, The CB report shows an inventory of 37million square feet, while net absorption for the second half of2009 stood at negative 331,372 square feet. The vacancy increasedto 11.7% from 9.8% at mid-year.
The quoted average lease rates aren't all that far apart,either. Tucson's average ask is $0.53 per sf, while Phoenix is at$0.56. But here's where the similarities end. In reality, users arefinding better lease deals in Phoenix than Tucson.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
