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 $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 greater rates, and you'll need to make a great offer to be in this hot submarket.
In the last 90 days, 22 listings have been posted online, which means spaces most likley are leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 9% of the office spaces in the Downtown Tempe are subleases, so you will probably need to sign a longer term lease with the landlord directly. There aren't many listings below 2,000 square feet available, so finding a space for a small business might be tough.
The standard measurement for office space in this area is around 1,980 sqft. Most buildings in this region are around 8 stories. Most buildings in this market 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 residents. Commuting close to 30 minutes a day is the norm for those who opt to reside in this part of town.