2022 Q4 Phoenix Office Market Report

Demand is stronger for higher-quality space in Phoenix’s marquee submarkets. These areas are more urban and can access a deep talent pool while offering desirable amenities, pushing the rise of office rents. However, landlords have been more amenable to offering concessions in exchange for longer lease terms. Demand is strongest in the Scottsdale Airpark, Camelback Corridor, and Downtown submarkets. These areas offer an attractive mix of restaurants, bars, and other retailers while being situated close to population centers. The Phoenix office vacancy rate has risen considerably since the onset of the pandemic, driven by millions of SF of sublet availabilities coming on the market and the amount of office space under construction is at its lowest level since 2013.

Download the Full Report to Learn More