Hitting Its Prime

Article originally posted on Phoenix Business Journal on April 14, 2023

With arguably the best views in the Valley, nearby amenities and some of the region’s biggest and newest office buildings, Tempe Town Lake has become the top office destination in the Phoenix metro.

Certainly the submarket’s lease rate is an indicator of that status. Tempe’s office market commands the highest asking rates in the Valley at $37.78 per square foot. Premium space like 100 Mill in Tempe commands top-dollar monthly rents north of $50 per square foot. Similar properties from Phoenix’s Camelback Corridor to north Scottsdale are now starting to rival those rates.

“It’s really been the benchmark I think for other class A office markets in Phoenix over the last 10 years,” said Matt Coxhead, executive vice president for JLL. “When we saw companies come in from California, the Bay Area specifically, they were in search of that available tech talent, and that was in and around Tempe. Overall, being an office landlord, you want to differentiate yourself and what better way to do that than waterfront real estate in the middle of the desert.”

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