Tucson Office Figures Q2 2026

ThroughoutQ2 2026, the Tucson market recorded 164,000 sq. ft. of net absorption. This presents an increasequarter-over-quarter by 163,520 sq. ft. following alighterdemand of 480 sq. ft. in Q1 2026. Year-over-year, net absorption increasedby 44,000 sq. ft. dating back toQ2 2025. Vacancy in Q2 2026 stood at 13.9%, waningquarter-over-quarter by 150 basis points. Availability in Q2 2026 endedat 14.6%, down by 220 basis points. From Q4 2023 through Q1 2025, numerousquarters of negative net absorption have led to an increase invacancy and availability.

Asking rents during Q2 averaged $22.24 per sq. ft.sharing a decline quarter-over-quarter by 4.0%. Since Q2 2025,rents have diminishedby 8.6%, however, from Q2 2023 to Q2 2026, average asking rents increased by 5.9%. Notable leasing activity included a 116,000 sq. ft. commitment from a Confidential Tenant in the Southeast submarket. Additional activity featured a 10,000 sq. ft. lease by a Federal Government Agency, as well as SunsetHospice, LLC who agreed upona 6,000 sq. ft. lease in the North Central submarket. Together, these reported leases totaled 132,000 sq. ft. of space.