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Phoenix, AZ Office Buildings and Office Spaces

326 Office Buildings & Office Spaces in Phoenix, AZ

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Phoenix, AZ Office Overview

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The Phoenix city proper office market includes the Phenix's Central City, Camelback East, and Paradise Valley office submarkets. With a metropolitan population of over 4.5 million people the economy of Phoenix is continuously growing, and the Phoenix commercial real estate market sees strong office demand from white collar employers in the education, technology, and tourism industries.

As of mid-2017, the Greater Phoenix office market encompasses over 55 million square feet of existing office space in properties larger than 50,000 square feet. As both the capital and the most populous city in Arizona, the office market in Phoenix continues to see strong demand from a variety of business sectors.

Phoenix, AZ Office Inventory Description

Arizona State University is one of the main drivers of the economy in Phoenix, and has helped to attract the numerous technology and telecommunications companies that call the city home. With a gross metropolitan product of nearly $209 billion annually the demand for office employment is significant. Over 49% of the office space in Phoenix is Class A, while Class B properties bring another 49% of Phoenix office inventory to the market.

The Deer Valley and the Central City Business District submarkets are two of the densest areas for Class A office space in Phoenix, and are home to prime office buildings such as Cityscape, One and Two Renaissance Square, and Norterra West I. Wells Fargo, Banner Health, and the State of Arizona are just three of the many large employers that contribute to demand for office space in Phoenix.

Phoenix, AZ Commercial Inventory Breakdown

Office Spaces

Total: 58,790,143 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

  • 50k to 100k SF: 13,832,924 SF / 23.53% of total office
  • 100k to 500k SF: 39,755,090 SF / 67.62% of total office
  • 500k to 1M SF: 5,202,129 SF / 8.85% of total office

By class:

  • Class A: 27,666,789 SF / 47.06% of total office
  • Class B: 27,619,888 SF / 46.98% of total office
  • Class C: 1,083,673 SF / 1.84% of total office

Top 10 Largest Office Buildings

in Phoenix

Office building Address Sqft Year built
Chase Tower 201 North Central Avenue, 85004 733,922 1973
20 East Thomas Road 20 East Thomas Road, 85012 586,403 1988
Cityscape 1 East Washington Street, 85004 568,000 2010
Collier Center 201 East Washington Street, 85004 567,164 2001
One Renaissance Square 2 North Central Avenue, 85004 533,216 1987
Central Arts Plaza 1850 North Central Avenue, 85004 515,816 1990
Freeport - McMoRan Center 333 North Central Avenue, 85004 499,000 2009
Two Renaissance Square 40 North Central Avenue, 85004 477,767 1989
Phoenix Corporate Tower 3003 North Central Avenue, 85012 444,392 1965
Phoenix Corporate Tower 3003 North Central Avenue, 85012 444,392 1974

Most Recently-Built Office Buildings

in Phoenix

Office building Address Sqft Year built
515 East Grant Street 515 East Grant Street, 85004 122,220 2017
Allred 40 4039 East Raymond Street, 85040 89,889 2017
Norterra West I 25700 North Norterra Pkwy, 85085 150,000 2016
2005 East Indian School Road 2005 East Indian School Road, 85016 91,500 2014
Cityscape 1 East Washington Street, 85004 568,000 2010
Freeport - McMoRan Center 333 North Central Avenue, 85004 499,000 2009
24th at Camelback II 2325 East Camelback Road, 85016 324,897 2009
I-17 Office Center 17500 North Black Canyon Hwy, 85053 164,000 2009
The Washington Corporate Center 4600 East Washington Street, 85034 188,025 2008
3900 Camelback Center 3900 East Camelback Road, 85018 177,520 2008

Phoenix, AZ Green Office Space

Employment

Of the Top 30 Green Office Markets in the U.S., Phoenix ranks #21 for energy efficient office buildings. While just over 3% of the office buildings larger than 50,000 square feet are LEED certified, over 7% rank as Energy Star Certified and over 9% are recognized as green buildings.

A prime example of a LEED certified building in the Phoenix metro area is the Gainey Office Center I, which has a LEED Gold certification. As tenants, as well as national and global investors seek out green certified office assets for their use and portfolios, the green office trend will continue to grow in Phoenix.

The 2017 National Green Building Adoption Index looked at commercial office properties in 30 major U.S. markets and found that, including EPA Energy Star-labeled buildings, the percentage of green certification has increased from below 5% in 2005 to 38% as of mid-2017. Phoenix placed 21st on this survey.

Phoenix, AZ’s Top Office-Using Sectors

As a home to four Fortune 500 companies and numerous education, technology and health care corporations, there is strong demand for Class A office space in all parts of the Phoenix metropolitan area.

  • Education – With multiple campus locations Arizona State University and the Maricopa County Community College system continue to attract cutting edge high-technology businesses that have created a strong demand for Class A office space in Phoenix.
  • Technology – Honeywell Aerospace, Avnet, Invision Technology, WebPT, and Sky Touch Technology are some of large and small tech businesses that call Phoenix home.
  • Health Care – The health care industry in Phoenix makes a major contribution to the economy and provides significant demand for office space in Phoenix, with world-class facilities such as the Mayo Clinic, Phoenix Children's Hospital, Barrow Neurological Institute, and the Arizona Heart Institute.
  • Corporate Headquarters – Electronic company Avnet, mining company Freeport-McMoRan, Republic Services, and Honeywell's Aerospace Division are all large users of Class A office space in Phoenix.

Phoenix Demographics

Population

  • Total Population1,514,208
  • Male Population(49.9 %) 755,143
  • Female Population(50.1 %) 759,065
  • Median Age33.20

Income/Financial

  • Average Household Income$66,345
  • Median Household Income$47,326
  • Median Income Under 25$27,166
  • Median Income 25-44$48,236
  • Median Income 45-64$55,231
  • Median Income Over 65$39,053