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Office Rents Hit 9-Year High For Metro Phoenix
Average asking rents for office space in the Valley are at the highest level in nearly a decade. The average is $24.91 per square foot. That’s still below the pre-recession peak of $26.82 in late 2007.
A report by commercial real estate services firm JLL finds more than 1.1 million square feet of new space hit the market the first quarter of 2017, with more than half pre-leased. State Farm filled 443,000 square feet to finish its regional campus in Tempe.
According to JLL’s Q1 2017 Phoenix Office Report, submarkets with the highest Class A office rents per square foot are found in Camelback Corridor ($34.51), Tempe ($34.10), downtown Phoenix ($32.02) and south Scottsdale ($31.89).