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The widening gap between Downtown and Midtown

  • ​In the heart of Phoenix’s central business district, the neighboring Downtown and Midtown submarkets offer similar amenities, access to the light rail, I-10 highway, and a well-educated labor pool. Despite their similarities, Downtown has outperformed Midtown in almost every way since the Recession.

  • While Downtown started recovering in 2010, Midtown’s decline continued well into 2014. Midtown’s vacancy rate currently sits at 27.2 percent, one of the highest vacancy rates of any submarket in the Valley.

  • When vacancy was at its lowest in 2006, Downtown asking rates were just 12.6 percent higher than Midtown rates. After years of incredible multifamily development and retail growth in or around Roosevelt Row, the gap has widened even further. Downtown rates are now a full 38.5 percent higher than Midtown rates, and are now some of the highest in the market, behind only the Camelback Corridor. ​​

Source: JLL Research

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