Downtown Phoenix's lack of office space is the driving force behind a new project. The said 58.5% increase in office space (2.1 million square feet) will be in the cities central business district and will take place between 2008 and 2011. The vacancy right at years end in 2007 was 5.8% rate for high-end space. Two projects, CityScape project and One Central Park East tower, will be finished late 2009 and are set to add 1.1 million square feet of Class A (high-end) office space.
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