On average, listings lease in the $20's per square foot per year. The Downtown Phoenix region is seeing a decline in rates. In the last 3 months, the median rate fell $6 per sqft per year. That's a 19% decrease in rent.
Compared to the rest of the Phoenix Metropolitan Area market, the Downtown Phoenix submarket has lower rates, so you should have no trouble finding a great deal in this discounted region.
In the last 90 days, 25 listings have come on the market, which means office spaces are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 16% of the office spaces in the Downtown Phoenix are subleases, so you might be able to find a shorter term or below market rent. 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 2,240 sqft. Most buildings in this region are approximately 18 stories. Most buildings in this area were built in 1965 and are Class A.
A large portion of this area is residential, but there's plenty of office_space. Waste services is the dominant industry in this market. Commute by walking is the most popular way to get to work amongst Downtown Phoenix folk. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.