Office spaces are very affordable here and only cost an average of $15/sqft to rent. It is home to the Sky Harbor International Airport, and boasts nearly 10 million square feet of total commercial real estate inventory.Įast-Central Phoenix: East-Central Phoenix comprises a variety of neighborhoods in the Phoenix metropolitan area. Most of it is Class A, though Class B and Class C spaces are available.Ĭentral City: Central City is an urban village located in Phoenix’s historical center. Office space here costs about $32 per square foot to rent. Regional headquarters for JP Morgan Chase, Wells Fargo, US Bank, and Bank of America are all here.
SPACE FOR RENT FOR BUSINESS PHOENIX PROFESSIONAL
This neighborhood is an important center for professional sports, politics, government, and finance. Here are some of the city’s most popular neighborhoods and areas.ĭowntown: Downtown Phoenix serves as the city’s central business district. When deciding where to look for office space, it helps to look at characteristics and pricing for individual locations to determine where might be best for your business to put down roots. Popular Neighborhoods to Rent Phoenix Office Space For this reason, in Phoenix, the sun rises at 7:29 a.m. Notably, Phoenix residents do not observe daylight savings time to save energy and prevent school-aged children from having to travel to school in the dark. The Mexican border is just a 150-mile drive away. Phoenix is surrounded by mountains, but the city itself is mostly flat and includes plants and animals from the Sonoran Desert, which stretches from Arizona into parts of California and Mexico. It is approximately 516 square miles-or 1,341 square kilometers-in size and has a low population density despite being the fifth-most populous city in the nation. Phoenix rests in the south-central part of Arizona between Tucson and Flagstaff. What Our Brokers Say About Phoenix Office Space AZ Children’s Association leasing 40,000 square feet in Midtown.Amazon leasing 53,000 square feet in North Tempe.ASU leasing 60,000 square feet at One Arizona Center Downtown.General Dynamics leasing 149,000 square feet in Metrocenter.Leasing activity in Phoenix remains strong - recent notable leases include: In addition to lease length, building class, and tenant concessions, lease prices vary depending on location throughout the city. Class C assets are limited, with average asking rents of less than $20 per square foot.
Class B space is available at an average of $21 per square foot. Vacancy rates of 19% in the Downtown core and 15% in the suburbs mean tenants have options to compare, and there is healthy competition between landlords to fill spaces.Īcross the Greater Phoenix area, Class A space costs around $31 per square foot (per year) to rent.
The Phoenix metro boasts a robust commercial real estate inventory, with more than 100 million square feet of space spread between the Central Business District and surrounding suburbs. Phoenix Office Space | Lease Data and Trends Building Class Other companies with headquarters or offices in Phoenix include Honeywell’s Aerospace division, Intel, U-HAUL International, Best Western, Apollo Group, Uber, Taser (now Axon), and General Dynamics. The Greater Phoenix area is host to a range of global businesses, including Avnet, Freeport-McMoRan, PetSmart, and Republic Services. Though agriculture used to be the city’s biggest money-maker, now it is center for sales, technology, transportation, and military operations. The Salt River Valley includes the Valley of the Sun, which includes the Phoenix metropolitan area, which is anchored by Phoenix. Locals enjoy the desert character mixed with big-city opportunities. It’s the largest city in the state and is more than twice as big as Tucson, Arizona’s second-biggest city. Phoenix is the capital of Arizona and one of the fastest-growing cities in the nation.