Phoenix Commercial Real Estate

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1130 E Missouri Ave - Unit 70 (Floor 1) Phoenix, AZ  
Aug 21
150
sqft
Office
801 S 16th St - Space Phoenix Sky Harbor Center, Phoenix, AZ 24 foot ceiling height and HVAC
Aug 02
8,220
sqft
Industrial Mixed Use Office Medical
2226 W Camelback Rd - Entire Building Camelback Gardens, Phoenix, AZ Close Highway.
Aug 02
1,040
sqft
Industrial Mixed Use Office Medical
214 W Roosevelt St - 2 Spaces Downtown Phoenix, Phoenix, AZ Close Public Transit.
Sep 19
590 - 1,110
sqft
Retail
11225 N 28th Dr - 6 Spaces Phoenix, AZ  
Sep 18
510 - 1,890
sqft
Office
3814 E Roeser Rd - Entire Building South Mountain, Phoenix, AZ  
Aug 24
10,920
sqft
Industrial
20805 N 19th Ave - 2 Spaces Deer Valley, Phoenix, AZ  
Aug 24
2,110 - 5,670
sqft
Industrial
9014 N 23rd Ave - Unit 5-6 North Mountain, Phoenix, AZ in shell condition
Aug 24
3,760
sqft
Industrial
1122 N 7th St - Entire Building Phoenix, AZ grey shell condition
Aug 22
24,000
sqft
Retail
13615 N 35th Ave - 3 Spaces North Mountain, Phoenix, AZ rate negotiable
Jul 19
1,200 - 2,650
sqft
Retail
3809 E Watkins St - Unit 102 (Floor 1) South Mountain, Phoenix, AZ HVAC
Jul 14
174,800
sqft
Industrial
4620 E Elwood St - 5 Spaces Phoenix, AZ open office
Jul 14
1,530 - 2,920
sqft
Industrial
4602 E Elwood St - 4 Spaces Phoenix, AZ electrical room
Jul 14
1,740 - 6,690
sqft
Industrial
2828 W Thunderbird Rd - 2 Spaces North Mountain, Phoenix, AZ Close Highway.
Jul 08
1,200 - 20,730
sqft
Retail
10000 N 31st Ave - 11 Spaces Phoenix, AZ  
Sep 18
200 - 3,390
sqft
Office
CBIZ Plaza - Unit 0940 Phoenix, AZ  
Sep 18
2,930
sqft
Office
4130 E Van Buren St - 2 Spaces Phoenix, AZ open office, lobby, and break room
Sep 18
2,360 - 3,320
sqft
Office
15915 S 46th St - Unit 101 Ahwatukee Foothills, Phoenix, AZ break room and bull pen
Sep 12
5,900
sqft
Industrial Mixed Use Office

Phoenix

Market Report

Number of Listings
Posted in the last 90 days
149
Median Rate ($/sqft/yr)
$26
Median Size (sqft)
1,700

Phoenix Office & Commercial Space for Lease

Commercial real estate in Scottsdale is still influenced by the economy, social factors and population trends. Customer service job demand continues to push large absorption in the office space market. There has been an increase in demand for office space in the submarkets. Scottsdale Airpark and Scottsdale South has seen a large increase of demand for commercial office space and sublease office space.

Class A office space is in high demand and has seen nearly twice as much recent absorption as Class B or Class C. Also, the majority of new construction in the city is going to be Class A commercial office space. Class A offices are averaging a price of $25 per square foot while Class B and Class C are $20 PSF and $15 PSF, respectively.

Commercial Real Estate Phoenix

The Metro Phoenix office market has been experiencing an uptick in recent demand. In 2013 vacancy rate was 21% and one year later we saw the fourth quarter of 2014’s vacancy rate at a healthy 19.1%. This increase in demand for office space in phoenix has lead to an increase in rent prices from landlords. On average rent has increased $1.00 per square foot, and looks to be trending upward. There is a large amount of new office buildings being built, currently 2.5 million square feet, this is the largest amount of offices space being built in Phoenix since the 2008 depression. The majority of this growth and all of the construction of new commercial office buildings is being driven by the suburban office markets. Although average price per square foot is the same vs the central business district. there is a 5% difference in vacancy rate. also, all of the construction of new office stock takes place in Tempe North, Scottsdale Airpark, Price Corridor, Mesa, and Chandler/Gilbert.

Phoenix Economic Overview

Phoenix’s economy grew from farming, spurred by king cotton, into manufacturing and is now holding some of the largest job growth in the country. Today, Real estate, Financial services, Manufacturing, Healthcare and Retail are the largest contributors to the city’s GDP. Office support jobs and Sales are the two largest employment categories in Phoenix at close to 20% of the workforce. Larger companies such as Avnet, PetSmart, Honeywell Aerospace and American Express have made a home in Phoenix. There has also been a surge of California technology companies coming to the city to employ large amounts of customer service representatives. Paypal was one of the first and most recently San Francisco startup Zenefits just leased enough space to hold 1,500 employees. With a growing demand for US customer service, Phoenix's office market will continue to grow to support these employees.

Phoenix Office Space in History

Phoenix first started as a farm in the Salt River Valley, and was declared a town one year later in 1868. One month later the first office was built, the United States Post Office with the founder of the farm, Jack Swilling, acting as postmaster. As the town grew through the 1870’s, it’s second office was built - a telegraph office - along with sixteen saloons and a handful of dance halls. By 1881, Phoenix became an official city with a population of 2,500. The railroad came shortly after that, and the population boomed, so the territory made Phoenix it’s capital. William Taft, in 1912, placed Phoenix as the capital of the brand new state. Eight years later, in 1920, over 1000 buildings we built in the city, including the first skyscraper, The Heard Building. After the advent of cheaper A/C in the 1950’s Phoenix begin to grow immensely. The construction that took place in 1959 alone is larger than any other 10 years combined. In the 1960’s, more building began to spring up including a larger stock of commercial office space. Phoenix City Square, Phoenix Financial Center, and the Phoenix Corporate Center were all built during this decade. The 1970’s brought a rapid growth to the downtown office market. in 1972, Arizona's largest office tower was constructed. Chase Tower stands at 40 stories, has three wings, and does not have any setbacks. Also, the US Bank Center, Wells Fargo Plaza, and Phoenix Symphony Hall were all constructed before the end of 1979.

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Market Data

Real time and historical data on commercial real estate listings in Phoenix.
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