2021 Office Space Rent & Sales
- $25.79 2021 Avg. Asking Rent
- 0.47% Y-o-Y Avg. Asking Rent Change
- 19.17% 2021 Office Vacancy Rate
- $986.6M2021 Total Office Sales
- $215.03Avg. Sale Price/SF
Phoenix office price per square foot in 2021 was $25.79 on average. This marked a +0.47% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 19.17% across all asset classes combined. The 52 transactions that closed here throughout 2021 amounted to a total sale volume of $986.6M. Phoenix office space commanded an average sale price per square foot of $215.03.
Average Rent by Office Class
2021 Average Office Rent per Square Foot
- Phoenix Class A & A+ Office Space$30.06
- Phoenix Class B Office Space$22.65
- Phoenix Class C Office Space$18.12
- Arizona Class A & A+ Office Space$31.36
- Arizona Class B Office Space$24.53
- Arizona Class C Office Space$18.66
Phoenix, AZ Office Asking Rents by Class
Average office rent in Phoenix rested at $25.79 per square foot in 2021. 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 $30.06 per square foot. Across all submarkets, class B office space recorded an average asking rent of $22.65 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.12 per square foot, on average. Comparably, statewide Arizona average office rents by class in 2021 were: $31.36 per square foot for class A office space; $24.53 per square foot for class B office space; $18.66 per square foot for class C office space.
2021 Office Vacancy Rates in Phoenix
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Phoenix - Desert View | $33.07 | 11.81% |
Phoenix - Central Business District | $31.58 | 21.96% |
Phoenix - Camelback East | $31.57 | 19.70% |
Phoenix - Center City | $27.25 | 10.47% |
Phoenix - Gateway | $27.01 | 21.25% |
Phoenix - North Gateway | $26.99 | 16.21% |
Phoenix - Paradise Valley Village | $26.69 | 14.04% |
Phoenix - Central Corridor | $24.54 | 24.50% |
Phoenix - West | $23.14 | 11.29% |
Phoenix - Deer Valley | $22.46 | 14.65% |
Phoenix - North Mountain | $22.09 | 24.90% |
Phoenix - South | $20.44 | 16.06% |
Phoenix Office Sale Price per SF
- $215.032021 Avg. Price per SF
- $986.6M2021 Office Sales Volume
- 522021 Number of Transactions
Phoenix, AZ Sale Price per SF Trend
- Phoenix Avg. Sale Price per SF in 2021$215.03
- Arizona Avg. Sale Price per SF in 2021$233.04
2021 Office Sales Volume
- Phoenix, AZ Total Office Sales Volume in 2021 $986.6M
- Phoenix, AZ Total Number of Office Sales Closed in 2021 52
Largest Phoenix Office Sales in 2021
Property name | Address | Date | Price |
---|---|---|---|
Block 23 at CityScape | 101 East Washington Street | 12/6/2021 | $150,000,000 |
PetSmart Headquarters | 19601 North 27th Avenue | 3/31/2021 | $110,000,000 |
Anchor Centre West | 2201 East Camelback Road | 1/20/2021 | $61,621,320 |
CASA | 7878 North 16th Street | 8/10/2021 | $56,500,000 |
Norterra West II | 25800 North Norterra Pkwy | 10/12/2021 | $48,500,000 |
Coworking Spaces in Arizona
- Los Angeles Coworking Space
- San Francisco Coworking Space
- Denver Coworking Space
- San Diego Coworking Space
- Las Vegas Coworking Space
- Irvine Coworking Space
- Phoenix Coworking Space
- Sacramento Coworking Space
- Scottsdale Coworking Space
- Oakland Coworking Space
- Salt Lake City Coworking Space
- Santa Monica Coworking Space
- Colorado Springs Coworking Space
- Berkeley Coworking Space
- San Jose Coworking Space
- Tucson Coworking Space
- Tempe Coworking Space
- Mesa Coworking Space
- Chandler Coworking Space
- Gilbert Coworking Space
2021 Office Construction in Phoenix, AZ
- Phoenix, AZ Total SF completed in 2021 327,800
- Phoenix, AZ Total SF under construction in 2022 489,522
During 2021, 327,800 square feet of new office space were delivered across the market. At the close of 2021, the Phoenix office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 327,800 square feet of office space. Looking forward, development activity throughout 2022 is estimated to add 489,522 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
The Grove - 4210 East Camelback | 4210 East Camelback Road, 85018 | 40,000 | 2023 |
PBC | 850 N 5th Street, 85004 | 227,113 | 2020 |
Block 23 at CityScape | 101 East Washington Street, 85004 | 295,402 | 2019 |
Park Central - The Burgbacher Building | 3141 North 3rd Street, 85013 | 224,953 | 2019 |
Park Central - The Diamond Building | 3110 North Central Avenue, 85013 | 86,000 | 2019 |
Estrella Medical Plaza II | 9321 W Thomas Road, 85037 | 60,000 | 2019 |
Park Central - The Leib Building | 3110 North Central Avenue, 85013 | 43,000 | 2019 |
Camelback Collective | 2801 E Camelback Road, 85016 | 118,090 | 2018 |
515 East Grant Street | 515 East Grant Street, 85004 | 106,952 | 2017 |
Allred 40 | 4039 E Raymond Street, 85040 | 89,889 | 2017 |
Worth noting among recent office completions on the Phoenix market is The Grove - 4210 East Camelback, which is currently the largest new office development in the city, at 40,000 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
- Surprise Office Rent Price
- Sun City Office Rent Price
- Sun City West Office Rent Price
- Washington Office Rent Price
- Seattle Office Rent Price
- San Francisco Office Rent Price
- Miami Office Rent Price
- San Antonio 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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. 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.