Phoenix office market report
Q2 2025

The office market in Phoenix is adjusting as businesses focus on efficiency and flexibility due to hybrid work models and sluggish employment growth in traditional office sectors. Although vacancy rates remain high, leasing activity has stayed steady. Tenants are primarily pursuing high-quality Class A and trophy office spaces; however, when considering larger spaces, they are opting for affordability instead. Overall, the demand for quality properties helps sustain higher rents in the market.
Vacancy
Asking rents ($)
Investment activity
Investment volume has rebounded, with buyers stepping in to capitalize on pricing resets and long-term recovery potential.
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