By Justin Summer
July 18, 2011
Net Absorption Positive 16,150 SF in the Quarter
The Tucson Office market ended the second quarter 2011 with a vacancy rate of 12.5%.
The vacancy rate was unchanged over the previous quarter, with net absorption totaling positive 16,150 square feet in the second quarter. Vacant sublease space decreased in the quarter, ending the quarter at 78,770 square feet.
Net absorption for Tucson’s central business district was negative 73,951 square feet in the second quarter 2011, while net absorption for the suburban markets was positive 90,101 square feet.
Rental rates ended the second quarter at $19.12, a decrease over the previous quarter.
A total of one building delivered to the market in the quarter totaling 13,566 square feet, with 256,803 square feet still under construction at the end of the quarter.
The information in this news report is based on CoStar’s Second Quarter 2011 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.