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Phoenix Q1 2026 Office Market Report

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MARKET TRENDS

  • Asking rents increased year over year to $31.41 per square foot (psf). Class A rents climbed to $34.48 psf, highlighting strong demand for quality space.
  • Leasing activity totaled 1.5 million square feet (msf) in Q1 2026, down from 1.9 msf last quarter, but up from 1.3 msf reported a year ago.
  • Overall availability began 2026 at 22.9%, down from 26.5% a year ago. Availability is expected to decline further this year amid limited new speculative construction.

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