Have you noticed all the construction cranes in Downtown Phoenix? The Phoenix Business Journal explains part of it by reporting that office space in downtown Phoenix will grow by 42 percent through 2011. An Integra Realty Resources study states that current inventory sits at 4.94 million square feet, with another 2.05 million feet expected to be built between 2008 and 2011. That number puts Phoenix 11th among U.S. cities for downtown construction, which is expected to total 88.5 million square feet nationwide over the four-year period.

New York tops the list with an expected 20.8 million square feet of new construction, followed by Washington at 9.69 million. Rounding out the top 10 are Boston; Charlotte, N.C.; Chicago; Houston; Miami; Nashville, Tenn.; Salt Lake City; and Seattle.

The report also shows downtown Phoenix vacancies at 8.5 percent, compared with a national average of 11.1 percent. Detroit has the highest vacancy rate at 24 percent, while Charlotte has the lowest at 3.5 percent.

This entry was posted on Friday, January 11th, 2008 at 10:02 pm and is filed under Downtown Phoenix. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.