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TEMPE, AZ-An internet technology company has subleased 10,400 sf of flex space in a Tempe industrial building.

Net Strategies LLC, which provides internet services including web page development, will relocate from Mesa to an industrial building at 2245 W. University Dr. The internet firm is taking the spot of Valley Furniture Inc.

Tempe has been one of the hardest hit areas for industrial demand during the year. It ranks second in the region, with 568,000 sf of negative net absorption in the industrial arena, according to third quarter statistics from the Phoenix office of Grubb & Ellis Co. Vacancy stands at 10% in comparison to 8.7% Valleywide. The region’s leader in negative net absorption is west central Phoenix with 595,000 sf. Hundreds of thousands of sf of industrial space also is available for sublease. The declining demand has building owners offering higher tenant improvement budgets, months of free rent and lower rates.

The Phoenix office of Grubb & Ellis, with brokers Mike Haenel, Andy Markham and Marc Tuite, represented the Valley Furniture. John Creedon of Corridor Commercial Real Estate in Phoenix handled talks for the tenant.

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