On average, listings lease in the $30's per square foot per year. The Downtown Tempe submarket is experiencing a decline in rates. In the last 3 months, the median rate decreased $28 per sqft per year. That's a 47% decline in rent.
Compared to the rest of the Phoenix Metropolitan Area market, the Downtown Tempe submarket has greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 7 listings have been posted online, which means listings might be going fast. 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 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.
The standard measurement for office space in this area is around 470 sqft. Most properties in this area are around 8 stories. 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 folk. Commuting approximately 30 minutes a day is the norm for those who opt to reside in this part of town.