Phoenix, AZ CAM Reconciliation Guide
Vacancy rates, property tax system, operating expense benchmarks, and market-specific CAM billing considerations for Phoenix, AZ commercial landlords.
Current Vacancy Rates
Source: CBRE/JLL Q4 2025 Market Reports
Average CAM per Square Foot
Property Tax System
Maricopa County Assessor
File petition with County Assessor by September (informal) or State Board of Equalization by April. GPLET (government property lease excise tax) available for qualifying projects.
~0.8-1.2% effective rate (limited property value = 10% of FMV for commercial)
Key Submarkets
CAM Billing Considerations
- GPLET (government lease-excise tax) creates alternative tax structures for qualifying developments
- Massive industrial pipeline — semiconductor and EV manufacturing
- Extreme cooling costs are dominant CAM line item (summer peaks)
- Water costs increasingly material as CAM pass-through
- Arizona's dual valuation system (full cash value vs. limited property value)
BOMA Phoenix
Market Context
Phoenix's extreme summer heat makes HVAC/cooling the dominant CAM expense. The GPLET program creates an alternative tax structure that complicates standard CAM reconciliation for qualifying properties.
Related Resources
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