Availability, and options, increase as new developments deliver
Overall availability, while relatively unchanged from last quarter, has climbed 200 basis points in the last 12 months ending Q1 at 19.6%. The greatest increase in availability was observed in the East Valley submarkets where several new developments offer large blocks of available space. The market’s Class A availability rate has witnessed a similar spike, up 260 basis points year-over-year to 19.4%. Asking rents have seen similar quarter-to-quarter fluctuations and the large blocks of high-quality space on the market are pushing asking rents up year-overyear. Overall asking rents increased 6.5% over the year to $26.99 per square foot(psf). Class A rents saw a more pronounced increase, rising 7.4% year-over-year to $31.19 psf.