Tucson Office Figures Q4 2023

January 12, 2024 5 Minute Read

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-No new supply was added to the market for the seventh consecutive quarter, as there
are no new office buildings under construction.


‒ Following two consecutive quarters of positive net absorption, tenant demand dipped
into the red during Q4 2023 and increased vacancy by 60 basis points (bps).


‒ The direct average asking full-service gross (FSG) lease rate increased by 0.6% quarterover-quarter to $22.93 per sq. ft.