According to Market Trend report from Costar, the Scottsdale office market ended the first quarter with a vacancy rate of 17.4% which increased since before the Pandemic. The average rental rate is $29.10 SF. This is a good time to negotiate better deals for either renewing your lease or finding a new location. Landlords want to keep their buildings full and are offering numerous incentives such as lower rental rates, discounts on long-term leases, and rental abatement opportunity. The vacancy rate for Industrial is 4.9% which is a decrease from the previous Quarter and an all-time low which puts the landlord in the pole position. It is more challenging to negotiate industrial as compared to office due to market demand. Either way, it is crucial that you work with a licensed real estate broker to help get the best deals for your specific needs.
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