2022 Office Space Rent & Sales
- $26.13 2022 Avg. Asking Rent
- 1.32% Y-o-Y Avg. Asking Rent Change
- 19.66% 2022 Office Vacancy Rate
- $1.4B2022 Total Office Sales
- $260.15Avg. Sale Price/SF
Phoenix office price per square foot in 2022 was $26.13 on average. This marked a +1.32% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 19.66% across all asset classes combined. The 76 transactions that closed here throughout 2022 amounted to a total sale volume of $1.4B. Phoenix office space commanded an average sale price per square foot of $260.15.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Phoenix Class A & A+ Office Space$29.49
- Phoenix Class B Office Space$22.87
- Phoenix Class C Office Space$19.51
- Arizona Class A & A+ Office Space$31.16
- Arizona Class B Office Space$23.96
- Arizona Class C Office Space$19.42
Phoenix, AZ Office Asking Rents by Class
Average office rent in Phoenix rested at $26.13 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Phoenix averaged $29.49 per square foot. Across all submarkets, class B office space recorded an average asking rent of $22.87 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.51 per square foot, on average. Comparably, statewide Arizona average office rents by class in 2022 were: $31.16 per square foot for class A office space; $23.96 per square foot for class B office space; $19.42 per square foot for class C office space.
2022 Office Vacancy Rates in Phoenix
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Phoenix - Desert View | $34.00 | 21.92% |
Phoenix - Camelback East | $33.67 | 12.71% |
Anthem | $29.88 | 44.68% |
Phoenix - Central Business District | $29.34 | 19.24% |
Phoenix - Paradise Valley Village | $29.13 | 18.72% |
Phoenix - Gateway | $28.97 | 31.70% |
Phoenix - West | $27.96 | 12.02% |
Phoenix - Central Corridor | $26.15 | 28.42% |
Phoenix - North Gateway | $26.00 | 12.12% |
Phoenix - Deer Valley | $22.38 | 17.92% |
Phoenix - North Mountain | $22.20 | 30.40% |
Phoenix - South | $21.34 | 17.48% |
Phoenix - Center City | $19.74 | 8.58% |
Phoenix Office Sale Price per SF
- $260.152022 Avg. Price per SF
- 23.16%Y-o-Y Avg. PpSF Change
- $1.4B2022 Office Sales Volume
- 762022 Number of Transactions
Phoenix, AZ Sale Price per SF Trend
- Phoenix Avg. Sale Price per SF in 2022$260.15
- Arizona Avg. Sale Price per SF in 2022$254.46
2022 Office Sales Volume
- Phoenix, AZ Total Office Sales Volume in 2022 $1.4B
- Phoenix, AZ Total Number of Office Sales Closed in 2022 76
Largest Phoenix Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
Camelback Collective | 2801 East Camelback Road | 7/19/2022 | $66,350,000 |
Camelback Center | 2355 East Camelback Road | 9/1/2022 | $61,800,000 |
Biltmore Commerce Center | 3200 East Camelback Road | 6/30/2022 | $61,025,000 |
3151 West Behrend Drive | 3151 West Behrend Drive | 9/27/2022 | $55,000,000 |
Paradise Village Office Park | 11811 North Tatum Blvd | 5/10/2022 | $43,000,000 |
Coworking Spaces in Arizona
- Los Angeles Coworking Space
- Denver Coworking Space
- San Francisco Coworking Space
- San Diego Coworking Space
- Las Vegas Coworking Space
- Phoenix Coworking Space
- Irvine Coworking Space
- Salt Lake City Coworking Space
- Scottsdale Coworking Space
- Sacramento Coworking Space
- Oakland Coworking Space
- Albuquerque Coworking Space
- San Jose Coworking Space
- Colorado Springs Coworking Space
- Tucson Coworking Space
- Santa Monica Coworking Space
- Boulder Coworking Space
- Tempe Coworking Space
- Palo Alto Coworking Space
- Chandler Coworking Space
- Mesa Coworking Space
- Berkeley Coworking Space
- Glendale Coworking Space
- Gilbert Coworking Space
- Glendale Coworking Space
2022 Office Construction in Phoenix, AZ
- Phoenix, AZ Total SF completed in 2022 477,775
- Phoenix, AZ Total SF under construction in 2023 72,000
During 2022, 477,775 square feet of new office space were delivered across the market. At the close of 2022, the Phoenix office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 477,775 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 72,000 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
Block 23 at CityScape | 101 East Washington Street, 85004 | 295,402 | 2019 |
Estrella Medical Plaza II | 9321 W Thomas Road, 85037 | 60,000 | 2019 |
Camelback Collective | 2801 E Camelback Road, 85016 | 118,090 | 2018 |
17 North Corporate Center - 24000 North Farmers Way | 24000 North Farmers Way, 85085 | 313,446 | 2017 |
Allred 40 | 4039 E Raymond Street, 85040 | 89,889 | 2017 |
Norterra West | 25700 N Norterra Parkway, 85027 | 147,642 | 2016 |
Allred Riverpoint | 4025 South 32nd Street, 85040 | 80,000 | 2012 |
Cityscape | 1 East Washington Street, 85004 | 568,000 | 2010 |
24th at Camelback | 2325 E Camelback Road, 85016 | 307,101 | 2010 |
Blue Cross/Blue Shield | 2525 W Townley Ave, 85021 | 99,918 | 2009 |
Worth noting among recent office completions on the Phoenix market is Block 23 at CityScape, which is currently the largest new office development in the city, at 295,402 square feet.
See reports for other markets
- Scottsdale Office Rent Price
- Tempe Office Rent Price
- Mesa Office Rent Price
- Chandler Office Rent Price
- Gilbert Office Rent Price
- Glendale Office Rent Price
- Peoria Office Rent Price
- Goodyear Office Rent Price
- San Diego Office Rent Price
- Chicago Office Rent Price
- Charlotte Office Rent Price
- Seattle Office Rent Price
- New York City Office Rent Price
- Miami Office Rent Price
- San Francisco Office Rent Price
- Houston Office Rent Price
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Phoenix commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.