Find Phoenix Office Space for Rent
Phoenix is the capital of Arizona and one of the fastest-growing cities in the nation. It’s the largest city in the state and is more than twice as big as Tucson, Arizona’s second-biggest city. Locals enjoy the desert character mixed with big-city opportunities. The Salt River Valley includes the Valley of the Sun, which includes the Phoenix metropolitan area, which is anchored by Phoenix. Though agriculture used to be the city’s biggest money-maker, now it is center for sales, technology, transportation, and military operations.
Four Fortune 500 companies are based there: Avnet, Freeport-McMoRan, PetSmart, and Republic Services. Other companies with headquarters or offices in Phoenix include Honeywell’s Aerospace division, Intel, U-HAUL International, Best Western, Apollo Group, and the University of Phoenix.
Phoenix Office Space | Lease Data and Trends
The large city of Phoenix offers an appropriately comparable number of options for commercial real estate seekers; it has more than 87 million square feet of office space, and right now about 19% of it is available to rent. Average asking rent is very reasonable at about $24 per square foot. Phoenix Class A space costs around $31/sqft to rent. Class B space is available at an average of $21/sqft. Only 2 million square feet of Phoenix’s space is consider Class C assets, costing approximately $15/sqft to rent.
Of course, prices vary depending on location throughout the city. Phoenix can be divided into several areas: the Central Business District, where office space averages $26/sqft; the Outer Core Market Area, where office space averages $28/sqft; the Northeast Market Area, where office space costs about $28/sqft; the Southeast Market Area, where office space costs about $24/sqft; and the West Market Area, where office space costs about $20/sqft.
What Our Brokers Say About Phoenix Office Space
Phoenix rests in the south-central part of Arizona between Tucson and Flagstaff. It is approximately 516 square miles—or 1,341 square kilometers—in size and has a low population density despite being the fifth-most populous city in the nation. Phoenix is surrounded by mountains, but the city itself is mostly flat and includes plants and animals from the Sonoran Desert, which stretches from Arizona into parts of California and Mexico. The Mexican border is just a 150-mile drive away.
Notably, Phoenix residents do not observe daylight savings time to save energy and prevent school-aged children from having to travel to school in the dark. For this reason, in Phoenix, the sun rises at 7:29 a.m. on Dec. 21 and at 5:19 a.m. on June 21.
Popular Neighborhoods to Rent Phoenix Office Space
Phoenix is a very large city. When deciding where to look for office space, it helps to look at characteristics and pricing for individual locations to determine where might be best for your business to put down roots. Here are some of the city’s most popular neighborhoods and areas.
Downtown: Downtown Phoenix serves as the city’s central business district. This neighborhood is an important center for professional sports, politics, government, and finance. Regional headquarters for JP Morgan Chase, Wells Fargo, US Bank, and Bank of America are all here. Office space here costs about $32 per square foot to rent. Most of it is Class A, though Class B and Class C spaces are available.
Central City: Central City is an urban village located in Phoenix’s historical center. It is home to the Sky Harbor International Airport. Office space costs about $17/sqft here, and most of it is Class B.
East-Central Phoenix: East-Central Phoenix comprises a variety of neighborhoods in the Phoenix metropolitan area. Office spaces are very affordable here and only cost an average of $15/sqft to rent. Currently, 13% of spaces are available to rent.
West Phoenix: West Phoenix, or West Valley, is a region of Phoenix said to include Avondale, Buckeye, Glendale, Peoria, Tolleson, and more. Here, office space costs about $18/sqft to rent, though cost varies depending on location within the area.
Sky Harbor: This neighborhood is named for its inclusion of the Phoenix Sky Harbor International Airport, which is the state’s largest airport. Located only three miles from Downtown Phoenix, this airport fields more than 1,200 aircraft operations each day. Sky Harbor is more than just an airport, though: it houses nearly 5 million square feet of office space. Commercial space in Sky Harbor costs about $20/sqft to rent.
Camelback Corridor/Camelback East Village: Camelback East is one of Phoenix’s 15 villages. It’s located next to the suburbs of Paradise Valley and Scottsdale near Camelback Mountain. Office space is slightly more expensive here, at $31/sqft.
Mesa: Mesa is a city in Arizona that rests about 20 miles east of Phoenix. It is the state’s third-biggest city after Phoenix and Tucson. Mesa is home to many historic properties that have been listed in the National Register of Historic Places. Mesa has more than 500,000 square feet of office space, and just over 13% of it is available to rent. It is very affordable at $16/sqft. Most of it is Class A and Class B.
Scottsdale: Scottsdale is a desert city in Arizona that’s known for its high quality of life and its high-end shopping options. Commercial office space seekers will find most spaces cost about $26/sqft to rent. Asking prices do vary considerably depending on the area of the city you’re looking for office space. In North Scottsdale, average office space rent is $19.55/sqft; in Scottsdale Airpark, it’s $29.25/sqft; in Central Scottsdale, it’s $27.04/sqft; in South Scottsdale, it’s $30.04.
Tempe: Tempe is a city in Phoenix’s East Valley area. Insight Enterprises, a Fortune 500 company, has its headquarters here. Tempe is also the home of Arizona State University. In Tempe, businesses can expect to pay about $34/sqft to rent office space. Most of it is Class A, though Class B and Class C spaces are available.
Transportation in Phoenix
Many people drive personal vehicles to work and to get around Phoenix because the city ranks first in the United States for urban freeway quality, and traffic just does not get congested the way it does in other big cities. Local funds have ensured the city enjoys an impressive network of freeways people can choose from. Getting around is simple because most of the highways go either north to south or east to west. Freeways and state highways serving Phoenix include Interstate 10, Interstate 17, State Route 51, U.S. 60, State Route 85, Loop 101, State Route 143, Loop 202, and Loop 303.
Though carpooling is a popular way to get around, Phoenix does have some public transportation opportunities. Passengers can take trains Texas Eagle or Sunset Limited or ride Amtrak Thruway buses from the Phoenix Sky Harbor International Airport to Flagstaff. Another bus choice is Greyhound. Valley Metro provides trains, buses, and a ride-share program in the metropolitan area. Phoenix is also a bicycle-friendly city.
Two large airports—the Phoenix Sky Harbor International Airport and the Phoenix-Mesa Gateway Airport—serve the city. Smaller airport options are Phoenix Deer Valley Airport, the Scottsdale Airport, the Glendale Municipal Airport, Falcon Field Airport, and Phoenix Goodyear Airport.