On average, listings lease in the $30's per square foot per year. The Downtown Tempe region is seeing a decrease in rates. In the last 3 months, the median rate fell $20 per sqft per year. That's a 38% decrease in rent.
Compared to the rest of the Phoenix Metropolitan Area market, the Downtown Tempe submarket 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 leases most likley are going fast. You'll want to be prepared to make an offer immediately. About 11% 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 posted, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,460 sqft. Most properties in this market are approximately 8 floors. Most buildings in this region were built in 1993 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 folk. Commuting around 30 minutes a day is the norm for those who opt to reside in this part of town.