Average office asking rent increases to the highest level since 2008

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The average asking rent in Metro Phoenix reached $24.91 per square foot (Full Service Gross) in in the first quarter of 2017. Asking rents have increased 4.9 percent from one year ago and have surged 22.8 percent since 2012.

Phoenix asking rents are still 7.1 percent below the pre-recession peak of $26.82 set in 2007 but are expected to continue to increase in the foreseeable future.

Home to one of the most affordable office markets in the West, Phoenix is 66.1 percent less expensive than San Francisco, 46.1 percent lower than Silicon Valley, 37.3 percent below Los Angeles and 21.1 percent more affordable than San Diego.

Source: JLL Research

Click here to read JLL’s full Q1 2017 Office Insight Report.

About the author

Keeley Buyer, Research AnalystKeeley Byer is a market research analyst for the JLL Phoenix office. With four years of market research experience and eight years of commercial real estate technology experience, he continually tracks and analyzing trends affecting the Phoenix Metro commercial real estate market.

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