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Office Space for Rent in Tempe, AZ - 191 Listings

Tempe, AZ - Office Market Overview

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While the City of Tempe is home to just under 200,000 people, Tempe is also part of the much larger Phoenix Metropolitan Area with over 4.5 million residents. Office space submarkets in Tempe include Camelot Village, Peterson Park, and Shalimar. Located between Phoenix and Scottsdale, Tempe is home to the main campus of Arizona State University, and is also the site of the Hayden Ferry Lakeside office development, positioned just north of Downtown Tempe.

As of mid-2017, the Tempe office market encompasses nearly 18 million square feet of existing office space in properties larger than 50,000 square feet. The robust demand for commercial real estate in Tempe, AZ, is created by a variety of businesses, along with representatives of the education and financial sectors.

Tempe, AZ - Office Inventory Description

Once considered a college town and a bedroom community of Phoenix, Tempe has blossomed into a center of education and business for the East Valley of the Phoenix metro area. Tempe makes a significant contribution to the metropolitan area's gross annual product of nearly $209 billion. Just over 45% of the office inventory in Tempe is Class A or A+, with Class B office space accounting for 50% more of the inventory.

Some of the strongest demand for Class A office space in Tempe comes from the Rio office submarket. Located near scenic Papago Buttes and the Desert Botanical Gardens, just north of the Loop 202 and the Salt River, the area is home to investment-quality office buildings such as Papago Arroyo at 1295 West Washington Street, The Grand at Papago Park Center - Phase 1 - Building 1, and Papago Buttes Corporate Plaza II on West Washington Street.

Top 10 Largest Office Buildings

in Tempe

Office building Address Sqft Year built
Marina Heights - Building B , 85281 584,507 2016
Marina Heights - Building E , 85281 443,000 2017
1305 West 23rd Street & 1300 West Alameda Drive , 85282 381,332 1976
Diablo Technology Park , 85282 379,839 1981
Marina Heights - Building D , 85281 375,000 2015
Marina Heights - Building A , 85281 370,000 2016
The Grand at Papago Park Center - Phase II - Building 11 , 85281 352,481 2019
The Watermark - Phase II , 85281 340,000 n/a
The Grand at Papago Park Center - Phase II - Building 9 , 85281 320,000 n/a
777 Tower at Novus - Buildings 2 & 3 , 85281 308,000 n/a

Most Recently-Built Office Buildings

in Tempe

Office building Address Sqft Year built
Liberty Center at Rio Salado IV , 85251 236,131 2018
Rio2100 - 2108 East Rio Salado Pkwy , 85281 159,150 2018
Marina Heights - Building E , 85281 443,000 2017
The Alameda , 85282 234,212 2017
The Grand at Papago Park Center - Phase I - Building 1 , 85281 213,055 2017
Rio2100 - 2120 East Rio Salado Pkwy , 85281 102,816 2017
Mountain Park Health Center - Tempe Clinic , 85282 32,000 2017
Marina Heights - Building B , 85281 584,507 2016
Marina Heights - Building A , 85281 370,000 2016
Marina Heights - Building C , 85281 271,000 2016

Tempe, AZ - Green Office Space

Employment

Both tenants and investors of Class A office property in Tempe are demanding green office space. Tempe is part of the Phoenix metro area, which ranks 21st among the top 30 U.S. markets for percentage of energy-efficient green office buildings. The 2017 National Green Building Adoption Index looked at buildings larger than 50,000 square feet in the top office markets in the country. Since 2005, the percentage of LEED-certified, EPA Energy Star-rated, and green office buildings has increased to 38%.

One example of a LEED-certified Tempe office building is the Fountainhead Corporate Park - Park Plaza on South Plaza Drive. Located in the Peterson Park commercial real estate area of Tempe, this 98,000-square-foot office building was completed in 1999 and was awarded a LEED Gold certification.

Tempe, AZ's Top Office-Using Sectors

The Tempe office market is driven by a variety of top office-using business sectors, including education, banking & finance, and high technology & energy.

  • Education – Arizona State University is the largest employer and one of the largest users of office space in Tempe, along with the Tempe Elementary School District.
  • Banking & Finance – White-collar office space demand in Tempe comes from companies such as Wells Fargo, State Farm, and JPMorgan Chase.
  • High Tech & Energy – Salt River Project, Limelight Networks, LifeLock, and Honeywell are all users of Class A office space in Tempe.
  • Fortune 500 – The headquarter locations of Fortune 500 companies in Tempe create significant demand for white-collar office employment, from businesses such as Insight Enterprises and the Circle K Corporation.

Tempe Demographics

Population

  • Total Population178,339
  • Male Population(52.7 %) 94,065
  • Female Population(47.3 %) 84,274
  • Median Age28.80

Income/Financial

  • Average Household Income$69,463
  • Median Household Income$51,829
  • Median Income Under 25$21,074
  • Median Income 25-44$57,641
  • Median Income 45-64$69,905
  • Median Income Over 65$49,184

News

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