Phoenix Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from Kidder Mathews, Newmark, CBRE, JLL, Lee & Associates, Savills, Cushman & Wakefield, Transwestern
Quarterly office market indicators for Phoenix, aggregated by CREhunt from Kidder Mathews, Newmark, CBRE, JLL, Lee & Associates, Savills, Cushman & Wakefield, Transwestern. As of Q2 2026, average asking rent was $31.65/SF/yr and vacancy was 23.3%, per Kidder Mathews.
Projected current office pricing — Phoenix
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q2 2026 multiple brokerages data (cap rate 7.2%, asking rent trend-adjusted to today). Assumes ~77% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 Kidder Mathews | $31.65/SF/yr | 23.3% | 493K SF | — | Kidder Mathews |
| Q2 2026 Newmark | $31.70/SF/yr | 23.4% | 167K SF | — | Newmark |
| Q1 2026 CBRE | $32.09/SF/yr | 20.3% | 136K SF | — | CBRE |
| Q1 2026 JLL | $31.42/SF/yr | 22.8% | 376K SF | — | JLL |
| Q1 2026 Lee & Associates | $30.47/SF/yr | 19.0% | 191K SF | — | Lee & Associates |
| Q1 2026 Savills | $31.41/SF/yr | 22.9% | 1.5M SF | — | Savills |
| Q1 2026 Cushman & Wakefield | $30.51/SF/yr | 26.2% | 280K SF | — | Cushman & Wakefield |
| Q1 2026 Newmark | $42.50/SF/yr | 23.5% | 633K SF | — | Newmark |
| Q4 2025 Cushman & Wakefield | $30.10/SF/yr | 26.5% | 973K SF | — | Cushman & Wakefield |
| Q4 2025 Newmark | $31.63/SF/yr | 23.5% | 633K SF | — | Newmark |
| Q4 2025 Lee & Associates | $29.81/SF/yr | 19.1% | 244K SF | — | Lee & Associates |
| Q4 2025 Transwestern | $32.08/SF/yr | 16.8% | -224K SF | — | Transwestern |
| Q4 2025 Savills | $31.01/SF/yr | 22.8% | — | — | Savills |
| Q3 2025 Newmark | $31.18/SF/yr | 25.6% | — | — | Newmark |
| Q2 2025 Cushman & Wakefield | $30.23/SF/yr | 27.5% | — | — | Cushman & Wakefield |
| Q2 2025 Newmark | $31.06/SF/yr | 25.3% | — | — | Newmark |
| Q1 2025 Savills | — | 26.5% | 1.3M SF | — | Savills |
| Q1 2025 Newmark | $30.78/SF/yr | 25.5% | 185K SF | — | Newmark |
| Q4 2024 Newmark | $30.85/SF/yr | 26.5% | -1.8M SF | — | Newmark |
| Q4 2024 Cushman & Wakefield | $29.72/SF/yr | 28.5% | — | — | Cushman & Wakefield |
| Q3 2024 Cushman & Wakefield | $29.85/SF/yr | 28.7% | -243K SF | — | Cushman & Wakefield |
| Q3 2024 Newmark | $30.55/SF/yr | 26.1% | — | — | Newmark |
| Q2 2024 Cushman & Wakefield | — | 2.1% | 2K SF | 40 SF | Cushman & Wakefield |
| Q2 2024 Newmark | $30.40/SF/yr | 25.0% | — | — | Newmark |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Phoenix office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| 44th Street Corridor | $29.43/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Airport | $26.54/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Airport Area | $22.70/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Arrowhead | $35.52/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Camelback / Piestewa Peak | $39.63/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Camelback Corridor | $43.05/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| CBD | $28.53/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Central Corridor | $28.24/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Central Scottsdale | $33.25/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Chandler | $34.06/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Deer Valley/Airport | $29.42/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Downtown | $33.70/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| East Phoenix | $37.09/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| East Valley | $33.52/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Gateway Airport/Loop 202 | $47.12/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Glendale | $36.95/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Loop 303/Surprise | $34.45/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Mesa Downtown | $19.69/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Mesa East | $42.53/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Midtown | $26.22/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Midtown/Central Phoenix | $20.94/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| N Scottsdale/Carefree | $23.85/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| North I-17 | $31.84/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| North Phoenix | $32.41/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Northeast Valley / Scottsdale | $35.96/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Northwest Phoenix | $24.20/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Paradise Valley | $34.60/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Piestewa Peak Corridor | $29.54/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Scottsdale | $36.03/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Scottsdale Airpark | $34.96/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Scottsdale South | $40.92/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| South Tempe/Ahwatukee | $29.76/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Southeast Valley | $30.53/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| Southwest Phoenix | $29.50/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Superstition Corridor | $23.89/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| Tempe | $35.42/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| West / Northwest Phoenix | $27.25/SF/yr CBRE · Q1 2026 | CBRE, Q1 2026 |
| West I-10 | $35.38/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
| West Phoenix | $34.63/SF/yr Kidder Mathews · Q2 2026 | Kidder Mathews, Q2 2026 |
How the brokerage sources compare
For Q2 2026, the brokerages CREhunt aggregates for Phoenix office did not fully agree. On vacancy, the sources span 0.1 points — from 23.3% (Kidder Mathews) to 23.4% (Newmark). Asking-rent estimates differ by $0.05/SF/yr — from $31.65/SF/yr to $31.70/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Kidder Mathews | 23.3% | $31.65/SF/yr | — |
| Newmark | 23.4% | $31.70/SF/yr | — |
Per-brokerage figures for Q2 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for office space in Phoenix?
- As of Q2 2026, the average asking rent for office space in Phoenix was $31.65/SF/yr, per Kidder Mathews.
- What is the office vacancy rate in Phoenix?
- The office vacancy rate in Phoenix was 23.3% as of Q2 2026 (Kidder Mathews).
- Where does CREhunt's Phoenix market data come from?
- This report aggregates quarterly office market data for Phoenix from Kidder Mathews, Newmark, CBRE, JLL, Lee & Associates, Savills, Cushman & Wakefield, Transwestern.
- How much do brokerage estimates differ for office space in Phoenix?
- For Q2 2026, the brokerage sources CREhunt aggregates for Phoenix did not fully agree. On vacancy, the sources span 0.1 points — from 23.3% (Kidder Mathews) to 23.4% (Newmark). Asking-rent estimates differ by $0.05/SF/yr — from $31.65/SF/yr to $31.70/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.