A summary breakdown of Scottsdale Office & Industrial vacancy rates trending into 2018, according to Market Trend report from Costar is as follows:
- The Scottsdale Airpark Total Industrial Market vacancy rate increased at the end of the first quarter with a vacancy rate of ±18.4% with net absorption totaling positive ±76,435 SF. The Industrial vacancy rate was ±9.4% end of 4th Quarter 2017. The average quoted asking rental rate for all industrial space was $12.66 SF per year at the end of 1st Quarter, an increase over the previous quarter ($12.57 SF per year end of 4th Quarter 2017.)
- The Scottsdale Airpark Total Office Market vacancy rate increased at the end of the first quarter with a vacancy rate of ±14.3% with a net absorption totaling positive of ±396,987 SF. The Office vacancy rate was ±13.5% the end of the 4th Quarter 2017. The average quoted asking rental rate for available office space (all classes) was $27.68 SF per year at the end of the 1st quarter, an increase over the previous quarter ($ 27.26 SF per year end of 4th Quarter 2017.)
With office and industrial vacancy rates improving, landlords are raising rents on the higher quality spaces with likely gains in 2018. As unemployment rates continue to decline, employers needing office and industrial space will have the greatest effect on the vacancy rate.
Note: Information cited from COSTAR Market Trends Year End Report 2017 and 1st Quarter Report 2018. All information furnished is from sources deemed reliable. No representation is made as to its accuracy and is not guaranteed. All information should be independently verified.