Things are looking up for the Phoenix office market. The second quarter of 2012 saw the vacancy rate decline to 20.3%, a decrease over the first quarter this year. Although the national average dropped to 12.1%, Phoenix had a positive net absorption of 907,843 square feet. This shows a great trend for developers and office property owners in Arizona. Only two office buildings were completed last quarter totaling just less than 50,000 square feet, but developers are seeing an opportunity as the quarter ended with almost 400,000 square feet of office space under construction.