Phoenix Office Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from Cushman & Wakefield, Investingincre, Newmark, Lee Associates, Transwestern
Quarterly office market indicators for Phoenix, aggregated by PropZone from Cushman & Wakefield, Investingincre, Newmark, Lee Associates, Transwestern. As of Q1 2026, average asking rent was — with a 4.8% vacancy rate.
Projected current office pricing — Phoenix
low confidenceProjected asking rent
$20.76–$21.38/SF/yr
Estimated sale value
$134–$179/SF
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 Investingincre data (cap rate 7.2%, asking rent trend-adjusted to today). Assumes ~93% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | — | 4.8% | 280K SF | — | Cushman & Wakefield |
| Q1 2026 | $20.76/SF | 7.0% | 267K SF | — | Investingincre |
| Q1 2026 | $42.50/SF | 23.5% | 633K SF | — | Newmark |
| Q1 2026 | — | 19.0% | 191K SF | — | Lee Associates |
| Q4 2025 | — | — | — | — | Newmark |
| Q4 2025 | — | 19.1% | 244K SF | — | Lee Associates |
| Q4 2025 | $22.09/SF | 27.5% | 0K SF | — | Cushman & Wakefield |
| Q4 2025 | $32.08/SF | 23.3% | -224K SF | — | Transwestern |
| Q2 2025 | — | 25.3% | — | — | Newmark |
| Q1 2025 | — | 25.5% | — | — | Newmark |
| Q1 2025 | $62.00/SF | 16.5% | 787K SF | — | Cushman & Wakefield |
| Q4 2024 | — | 26.5% | — | — | Newmark |
| Q3 2024 | — | — | — | — | Newmark |
| Q3 2020 | — | — | 0K SF | 2K SF | Cushman & Wakefield |
| Q2 2020 | — | — | 0K SF | 2K SF | Cushman & Wakefield |
Frequently asked questions
- What is the average asking rent for office space in Phoenix?
- PropZone aggregates office asking-rent data for Phoenix from major brokerage market reports; see the quarterly table for the latest available figures.
- What is the office vacancy rate in Phoenix?
- The office vacancy rate in Phoenix was 4.8% as of Q1 2026 (Cushman & Wakefield).
- Where does PropZone's Phoenix market data come from?
- This report aggregates quarterly office market data for Phoenix from Cushman & Wakefield, Investingincre, Newmark, Lee Associates, Transwestern.
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