On average, listings lease in the $30's per square foot per year. The Downtown Tempe submarket is seeing a decrease in rates. In the last 3 months, the median rate decreased $28 per sqft per year. That's a 47% decrease in rent.
Compared to the rest of the Phoenix Metropolitan Area market, the Downtown Tempe region has greater rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 7 listings have been listed, which means office spaces might be leasing quickly. You'll want to be prepared to make an offer immediately. About 57% of the available leases in the Downtown Tempe are subleases, so you might be able to snag a great spot on a short term. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 470 sqft. Most buildings in this region are close to 8 floors. Most buildings in this market were built in 1991 and are Class B.
Information is the dominant industry in this area. Commute by public transit is the most popular way to get to work amongst Downtown Tempe occupants. Commuting around 30 minutes a day is the norm for those who opt to reside in this part of town.