Highlights
- The average rent for office space in Phoenix is $29.77 per square foot, 7.95% higher compared to the previous year.
- The market’s vacancy rate stands at 19.30%, higher than the state average of Arizona, which is 15.66%.
- Renting Class A/A+ office space here costs $33.81 per square foot, while Class B averages $23.71 and Class C stands at $20.45.
- 410,025 square feet is currently under construction.
2025 Office Space Rent & Sales
- $29.77 2025 Avg. Asking Rent
- 7.95% Y-o-Y Avg. Asking Rent Change
- 19.30% 2025 Office Vacancy Rate
- $683.3M2025 Total Office Sales
- $138.96Avg. Sale Price/SF
What is the average asking rent price for office space in Phoenix?
Average asking rents for office space here stand at $29.77 per square foot. The local office market recorded an average vacancy rate of 19.30% in 2025, unchanged from 19.30% in 2024.
Office transactions in the local market in 2025 totaled a sales volume of $683.3M across 45 sales. These transactions commanded an average sale price per square foot of $138.96.
Phoenix, AZ Office Asking Rents by Class
What is the average office rent per square foot by property class in Phoenix?
- Avg. Asking Rent Class A & A+$33.81
- Avg. Asking Rent Class B$23.71
- Avg. Asking Rent Class C$20.45
The average asking rent for Class A and A+ office space stood at $33.81 per square foot, indicating the best — and most expensive — that the market has to offer.
Class B space in Phoenix averaged $23.71 per square foot, while the average for Class C space was $20.45 per square foot.
What is the average office rent per square foot by property class in AZ?
- Avg. Asking Rent Class A & A+$33.55
- Avg. Asking Rent Class B$24.49
- Avg. Asking Rent Class C$19.85
For comparison, the average rent for Class A and A+ office space in Arizona was $33.55 per square foot. The state-wide average for Class B space was $24.49 per square foot, and Class C office spaces averaged $19.85 per square foot.
Phoenix, AZ Office Indicators by Submarket
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Phoenix - Camelback East | $37.01 | 18.06% |
| Phoenix - Central Business District | $36.39 | 15.76% |
| Phoenix - Desert View | $33.65 | 33.51% |
| Phoenix - Paradise Valley Village | $33.36 | 10.59% |
| Phoenix - North Gateway | $31.47 | 13.13% |
| Phoenix - Gateway | $30.06 | 25.68% |
| Anthem | $29.77 | 42.38% |
| Phoenix - Central Corridor | $26.62 | 23.40% |
| Phoenix - Deer Valley | $26.54 | 24.06% |
| Phoenix - West | $26.03 | 17.57% |
| Phoenix - Center City | $22.15 | 8.85% |
| Phoenix - South | $21.89 | 14.35% |
| Phoenix - North Mountain | $20.46 | 23.78% |
2025 Office Sales Volume
- $138.962025 Avg. Price per SF
- -0.05%Y-o-Y Avg. PpSF Change
- $683.3M2025 Office Sales Volume
- 452025 Number of Transactions
What is the average sale price per square foot for office space in Phoenix?
Average sale prices for office space in this market recorded a -0.05% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $138.96 per square foot. For comparison, the statewide Arizona average during the same time period stood at $166.50 per square foot, while the national average was $182.48 per square foot.
Phoenix, AZ Sale Price per SF Trend
- Phoenix Avg. Sale Price per SF in 2025$138.96
- Arizona Avg. Sale Price per SF in 2025$166.50
What was the total office sales volume in Phoenix in 2025?
The local office market recorded 45 deals in 2025, adding up to a yearly sales volume of $683.3M.
- Phoenix, AZ Total Office Sales Volume in 2025 $683.3M
- Phoenix, AZ Total Number of Office Sales Closed in 2025 45
What were the largest office building sales in Phoenix in 2025?
The market’s largest transaction last year was the sale of Camelback Collective for $48,260,000 on 6/30/2025. The next-highest sale was the transaction involving Norterra West I, which traded for $45,770,000. The third-largest transaction was the sale of 5090 North 40th Street for $35,300,000.
| Property name | Address | Date | Price |
|---|---|---|---|
| Camelback Collective | 2801 East Camelback Road | 6/30/2025 | $48,260,000 |
| Norterra West I | 25700 North Norterra Pkwy | 12/23/2025 | $45,770,000 |
| 5090 North 40th Street | 5090 North 40th Street | 8/15/2025 | $35,300,000 |
| 3030 South 7th Street | 3030 South 7th Street | 4/25/2025 | $29,580,000 |
| 2800 Tower | 2800 North Central Avenue | 7/22/2025 | $28,500,000 |
2025 Office Construction in Phoenix, AZ
- Phoenix, AZ Total SF completed in 2025 187,505
- Phoenix, AZ Total SF under construction in 2026 410,025
How much office space was built in Phoenix in 2025?
Looking forward, development activity in 2026 is estimated to add 410,025 square feet of office space to the market in total.
What are the largest recent office completions in Phoenix?
The largest recent office completion here is 24th at Camelback at 306,877 square feet, completed in 2010. The next largest completions are 24th at Camelback II and The Grove - 4300 East Camelback.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 3125 N 44th St | 3125 N 44th St, 85018 | 8,205 | 2026 |
| 3125 N 44th St | 3125 N 44th St, 85018 | 8,205 | 2026 |
| The Grove - 4300 East Camelback | 4300 East Camelback Road, 85018 | 181,482 | 2022 |
| 555 West Turney Avenue | 555 West Turney Avenue, 85013 | 24,210 | 2020 |
| Estrella Medical Plaza II | 9321 W Thomas Road, 85037 | 60,000 | 2019 |
| Allred 40 | 4039 E Raymond Street, 85040 | 89,889 | 2017 |
| The Cotton Center - 4500 East Cotton Center Blvd | 4500 East Cotton Center Blvd, 85040 | 139,403 | 2013 |
| 2020 W Deer Valley Rd | 2020 W Deer Valley Rd, 85027 | 8,926 | 2012 |
| 24th at Camelback | 2325 E Camelback Road, 85016 | 306,877 | 2010 |
| 24th at Camelback II | 2325 East Camelback Road, 85016 | 302,209 | 2009 |
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Disclaimer
All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.
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 Yardi Research Data can guarantee that the information provided is complete.