Compared to the rest of the Phoenix Metropolitan Area market, the Downtown Tempe region has more expensive rates, and you'll need to pay a premium to be in this hot region.
In the last 90 days, 4 listings have been posted online, which means new listings most likley are leasing quickly. You'll want to be prepared to make an offer immediately. About 25% of the listings in the Downtown Tempe are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 5,000 sqft, there are still 0 leases below 2,000 sqft. Most properties in this region are around 8 floors. Most buildings in this area were built in 1991 and are Class B.
Information is the dominant industry in this region. Commute by public transit is the most popular way to get to work amongst Downtown Tempe folk. Commuting around 30 minutes a day is the norm for those who opt to reside in this part of town.