On average, listings lease in the $40's per square foot per year. The Downtown Phoenix submarket is going through a a rise in rates. In the last 3 months, the median rate went up $15 per sqft per year. That's a 56% rise in rent.
Compared to the rest of the Phoenix Metropolitan Area market, the Downtown Phoenix region has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 19 listings have been listed, which means office spaces are probably leasing quickly. You'll want to be prepared to make an offer immediately. About 21% of the available leases in the Downtown Phoenix 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.
Even though the median size is 4,200 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this market are close to 18 floors. Most buildings in this market were built in 1965 and are Class A.
A large portion of this market is residential, but there's plenty of office_space. 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.