Scottsdale Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $31.98 2022 Avg. Asking Rent
  • 4.75% Y-o-Y Avg. Asking Rent Change
  • 15.32% 2022 Office Vacancy Rate
  • $463.7M2022 Total Office Sales
  • $268.74Avg. Sale Price/SF

Scottsdale office price per square foot in 2022 was $31.98 on average. This marked a +4.75% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.32% across all asset classes combined. The 30 transactions that closed here throughout 2022 amounted to a total sale volume of $463.7M. Scottsdale office space commanded an average sale price per square foot of $268.74.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Scottsdale Class A & A+ Office Space$35.11
  • Scottsdale Class B Office Space$27.79
  • Scottsdale Class C Office Space$20.88
  • Arizona Class A & A+ Office Space$31.16
  • Arizona Class B Office Space$23.96
  • Arizona Class C Office Space$19.42

Scottsdale, AZ Office Asking Rents by Class

Average office rent in Scottsdale rested at $31.98 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 Scottsdale averaged $35.11 per square foot. Across all submarkets, class B office space recorded an average asking rent of $27.79 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.88 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 Scottsdale

Submarket Asking Rents Vacancy Rates
Scottsdale - South $34.23 14.50%
Phoenix - Desert View $34.00 21.92%
Scottsdale - Airpark $32.47 12.83%
Phoenix - Paradise Valley Village $29.13 18.72%
Scottsdale - Shea Corridor $28.68 20.95%
Scottsdale - North $24.95 11.04%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Scottsdale market was 15.32% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Scottsdale was 11.04% in the Scottsdale - North submarket, while the highest office vacancy in the market was 21.92%, recorded in Phoenix - Desert View.

Office Spaces for Rent in Arizona

Scottsdale Office Sale Price per SF

  • $268.742022 Avg. Price per SF
  • 12.48%Y-o-Y Avg. PpSF Change
  • $463.7M2022 Office Sales Volume
  • 302022 Number of Transactions

Scottsdale, AZ Sale Price per SF Trend

  • Scottsdale Avg. Sale Price per SF in 2022$268.74
  • Arizona Avg. Sale Price per SF in 2022$254.46
Scottsdale office space cost in 2022 marked a +12.48% change compared to the previous year. The sale price for office space in Scottsdale averaged $268.74 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Arizona average office sale price during the same time period was $254.46 per square foot.

2022 Office Sales Volume

  • Scottsdale, AZ Total Office Sales Volume in 2022 $463.7M
  • Scottsdale, AZ Total Number of Office Sales Closed in 2022 30
A total of 30 deals closed on the Scottsdale office market in 2022, adding up to a yearly sales volume of $463.7M. Notably, the largest transaction on the market saw Scottsdale Forum change hands for $53,600,000 on 8/1/2022.

Largest Scottsdale Office Sales in 2022

Property name Address Date Price
Scottsdale Forum 6263 North Scottsdale Road 8/1/2022 $53,600,000
Kierland II 16260 North 71st Street 11/18/2022 $47,000,000
7025 Scottsdale Road 7025 North Scottsdale Road 6/7/2022 $30,000,000
Princess Medical Center 8573 East Princess Drive 1/21/2022 $25,100,000
Pima Northgate 14000 North Pima Road 5/4/2022 $24,200,000
Data provided by Commercial Edge

Coworking Spaces in Arizona

2022 Office Construction in Scottsdale, AZ

  • Scottsdale, AZ Total SF completed in 2022 351,913
  • Scottsdale, AZ Total SF under construction in 2023 276,300

During 2022, 351,913 square feet of new office space were delivered across the market. At the close of 2022, the Scottsdale office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 351,913 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 276,300 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Scottsdale
Office building Address SF Completed
SkySong 6 SEC Scottsdale Road & McDowell Road, 85257 338,200 2023
Cavasson 2 18615 North Claret Drive, 85255 150,000 2023
Cavasson 18700 N. Hayden Rd, 85255 460,000 2020
Verde Grove at DC Ranch - 9112 East Verde Grove View 9112 East Verde Grove View, 85255 15,449 2020
5601 & 5701 North Pima Road 5601 North Pima Road, 85250 271,085 2017
Skysong 4 1355 N. Scottsdale Rd., 85257 145,000 2015
TerraVerde I 16767 N Perimeter Drive, 85260 181,300 2009
Scottsdale Quarter 15279 N Scottsdale Road, 85254 98,100 2009
Scottsdale Quarter 15169 N Scottsdale Road, 85254 73,513 2009
Riverwalk Arizona 7720 N Dobson Road, 85256 149,544 2008

Worth noting among recent office completions on the Scottsdale market is SkySong 6, which is currently the largest new office development in the city, at 338,200 square feet.

Data provided by Commercial Edge

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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 Scottsdale 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.