The start of 2012 brought welcome news that office vacancy in Downtown Phoenix is the lowest in years with Cassidy Turley reporting a 16 percent rate in the Fourth Quarter of 2011.
The news for the Downtown core business district is even better with Class A office vacancy at 13 percent as major tenants such as the Phoenix School of Law and United Healthcare have joined the Downtown community.  Despite recent economic challenges, the outlook for the Downtown office market looks bright as tenants look to take advantage of affordable rates and unique amenity packages.
Other sectors of Downtown development continue to thrive as we look forward to the completion of several major projects.  2012 will see the opening of the 250-room Hotel Palomar at CityScape, the Maricopa County Court Tower and the Health Sciences Education Building on the Phoenix Biomedical Campus. This year will also witness the groundbreaking of two landmark projects; the Arizona Cancer Center and Concord Eastridge student housing at Third Street and Roosevelt.