Phoenix ranked No. 9 among the top 10 large U.S. office markets, with a slight decrease in vacancy from 18.3% to 18% from Q2 to Q3. This positive shift, shared only by Los Angeles and Chicago, reflects increasing demand as companies encourage workers to return to office spaces. The Phoenix office market has shown strong leasing activity in areas like Tempe, Camelback Corridor, and Scottsdale, especially in renovated buildings with desirable amenities. The Lego Group recently leased over 40,000 square feet in downtown Tempe, highlighting growing interest in the area. Phoenix also ranked fifth in coworking space growth, with a 6% increase in Q3, and is developing an additional 540,227 square feet of office space. Other top office markets include Boston, San Diego, Orange County, and Manhattan.
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Frequently asked questions
A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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