On average, listings lease in the $20's per square foot per year. The Downtown Phoenix submarket is seeing a decrease in rates. In the last 3 months, the median rate decreased $16 per sqft per year. That's a 35% decrease in rent.
Compared to the rest of the Phoenix Metropolitan Area market, the Downtown Phoenix submarket has more expensive rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 372 listings have been listed, so you'll want to check back regularly for new listings. About 2% of the available space in the Downtown Phoenix are subleases, so you will probably need to consider the implications of signing a direct lease with the building. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 4,040 sqft, there are still 0 leases below 2,000 sqft. Most properties in this market are around 14 stories. Most buildings in this region were built in 1965 and are Class A.
This region is fairly equally mixed residential and commercial. Waste services is the dominant industry in this area. Commute by walking is the most popular way to get to work amongst Downtown Phoenix occupants. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.
Real time and historical data on commercial real estate listings in Downtown Phoenix.
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