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Phoenix Q3 2026 Office Market Report

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MARKET TRENDS

  • Asking rents rose 1.8% year over year to $31.35 per square foot (psf), while Class A rents increased 3.0% to $34.56 psf, reflecting continued demand for high-quality space.
  • Leasing activity totaled slightly over 1.8 million square feet (msf) in Q3 2026, with Class A properties accounting for 1.2 msf, or 63.0% of the total.
  • Overall availability decreased 40 basis points year over year, from 23.6% to 23.2% in Q3. Availability is expected to decline further amid limited construction activity.

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