Tucson Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $20.50 2024 Avg. Asking Rent
  • 16.98% 2024 Office Vacancy Rate
  • $82.7M2024 Total Office Sales
  • $101.36Avg. Sale Price/SF

Tucson office price per square foot in 2024 was $20.50 on average. The local office market recorded an average vacancy rate of 16.98% across all asset classes combined. The 9 transactions that closed here throughout 2024 amounted to a total sale volume of $82.7M. Tucson office space commanded an average sale price per square foot of $101.36.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Arizona Class A & A+ Office Space$33.12
  • Arizona Class B Office Space$24.39
  • Arizona Class C Office Space$18.69

Tucson, AZ Office Asking Rents by Class

2024 Office Vacancy Rates in Tucson

Submarket Asking Rents Vacancy Rates
Foothills $30.11 16.15%
Downtown Tucson $24.77 16.41%
Central Tucson $23.24 11.81%
North Tucson - Oro Valley $19.50 22.29%
West Tucson $18.87 32.16%
Davis-Monthan AFB $17.50 22.16%
East Tucson $16.63 30.61%
Tucson International Airport $11.20 0.76%
Data provided by Yardi Research
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 Tucson market was 16.98% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Tucson was 0.76% in the Tucson International Airport submarket, while the highest office vacancy in the market was 32.16%, recorded in West Tucson.

Office Spaces for Rent in Arizona

Tucson Office Sale Price per SF

  • $101.362024 Avg. Price per SF
  • -39.09%Y-o-Y Avg. PpSF Change
  • $82.7M2024 Office Sales Volume
  • 92024 Number of Transactions

Tucson, AZ Sale Price per SF Trend

  • Tucson Avg. Sale Price per SF in 2024$101.36
  • Arizona Avg. Sale Price per SF in 2024$155.40
Tucson office space cost in 2024 marked a -39.09% change compared to the previous year. The sale price for office space in Tucson averaged $101.36 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Arizona average office sale price during the same time period was $155.40 per square foot.

2024 Office Sales Volume

  • Tucson, AZ Total Office Sales Volume in 2024 $82.7M
  • Tucson, AZ Total Number of Office Sales Closed in 2024 9
A total of 9 deals closed on the Tucson office market in 2024, adding up to a yearly sales volume of $82.7M. Notably, the largest transaction on the market saw 3350 East Hemisphere Loop change hands for $24,575,000 on 1/4/2024.
Data provided by Yardi Research

Coworking Spaces in Arizona

2024 Office Construction in Tucson, AZ

Largest Office Properties Recently Completed in Tucson
Office building Address SF Completed
City Park - 40 East Congress Street 40 East Congress Street, 85701 64,697 2018
Puente Nuevo Plaza (Building 1D) 3925 E. Fort Lowell Road (Building 1D), 85712 6,000 2017
1335 W Ajo Way 1335 W Ajo Way, 85713 9,244 2013
Monte V Corporate Center 3501 E. Speedway Blvd., 85716 39,000 2010
Grant Road Professional Plaza 5977-5983 E. Grant Road, 85712 8,220 2009
2115 E Valencia Rd 2115 E Valencia Rd, 85706 13,000 2008
4007 E Paradise Falls Dr 4007 E Paradise Falls Dr, 85712 14,205 2007
Tanque Verde Place 7485 E Tanque Verde Rd, 85715 4,734 2007
845 N. Park Ave., #155 845 N. Park Ave., #155, 85719 9,100 2004
2415, 2427 & 2429 North Alvernon Way 2415 N ALVERNON WAY, 85712 13,650 2003

Worth noting among recent office completions on the Tucson market is City Park - 40 East Congress Street, which is currently the largest new office development in the city, at 64,697 square feet.

Data provided by Yardi Research

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by Yardi Research Data, a market intelligence solution which offers comprehensive real market knowledge on all Tucson 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 Yardi Research Data can guarantee that the information provided is complete.