The typical asking rate per listing is in the $30's per square foot per year. The Downtown Tempe submarket is going through a decline in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 8% decrease in rent.
Compared to the rest of the Phoenix Metropolitan Area market, the Downtown Tempe region has more expensive rates, and you'll need to make a great offer to be in this hot region.
In the last 90 days, 11 listings have been made available, which means listings are probably leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 18% 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 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 1,420 sqft. Most buildings in this region are approximately 8 stories. Most buildings in this market were built in 1991 and are Class B.
Information is the dominant industry in this market. Commute by public transit is the most popular way to get to work amongst Downtown Tempe occupants. Commuting close to 30 minutes a day is the norm for those who opt to reside in this part of town.