Office space for lease tucson, is now a good time to lease

Market Trend: Tucson Office Vacancy Down to 12.8%

Net Absorption Positive 43,312 SF in the Quarter

By Justin Sumner

July 17, 2014

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The Tucson Office market ended the second quarter 2014 with a vacancy rate of 12.8%. 

The vacancy rate was down over the previous quarter, with net absorption totaling positive 43,312 square feet in the second quarter. That compares to positive 15,897 square feet in the first quarter 2014. Vacant sublease space decreased in the quarter, ending the quarter at 48,299 square feet. 

Rental rates ended the second quarter at $18.20, a decrease over the previous quarter. 

A total of one building delivered to the market in the quarter totaling 18,092 square feet, with 40,699 square feet still under construction at the end of the quarter. 

This trend is compared to the U.S. National Office vacancy rate, which decreased to 11.4% from the previous quarter, with net absorption positive 24.53 million square feet in the second quarter. Average rental rates increased to $22.22, and 217 buildings delivered to the market totaling almost 11.4 million square feet.