Phoenix sees long-awaited office market sales price growth

One highlight from this month’s Office Report from CommercialCafe reveals that Phoenix saw its first increase in sales price per square foot in more than three years.

Vacancy rates remained above the national average of 19.4% in most of the Western U.S. markets we surveyed. In July, the highest vacancy rate in the region was in Washington state, where 27% of office space in Seattle was unoccupied. San Francisco was not far behind, however, as data showed a little more than 26% of office space in the market was vacant last month.

Key Takeaways

The national office vacancy rate was close to 19.4% in July, following an increase of nearly 130 basis points year-over-year.

The national office listing rate averaged $32.72 per square foot in July, which marked a 3.