Phoenix Office Outlook

WHY THIS MATTERS

What You’ll Learn From CRE Leaders At This Event:

• In Q4 2024, leasing activity dropped by 1.5% from Q3 but rose by 21.6% year-over-year. What factors contribute to the significant year-over-year increase in leasing activity, especially in submarkets like Tempe and Scottsdale?
• In December 2024, the average asking rent in Phoenix decreased slightly to $28.39/sf, while national rents increased to $33.11/sf. How do these trends impact Phoenix’s competitiveness in attracting both national and regional tenants in 2025? 
• Coworking spaces in Phoenix reached 2.8 million square feet in 2024, surpassing Austin and the Bay Area. What role do coworking spaces play in Phoenix’s office market, and how are landlords adapting their office portfolios to include more flexible workspaces?
• How do experts foresee the future of office design in Phoenix’s market, particularly as businesses continue to seek workspaces that foster collaboration, well-being, and innovation in response to shifting work trends?
• Given that smaller office buildings (20,000–50,000 sf) are outperforming larger properties with a vacancy rate of just 16.5% compared to 30.4% for larger spaces, what factors are contributing to the continued desirability of smaller office spaces, and how can landlords capitalize on this trend in 2025?

How You'll Do More Business From Attending This Event: This event offers valuable opportunities to tap into Phoenix’s resilient office market, where rental rates are below the national average and vacancy rates are lower than in cities like San Francisco and Seattle. With the market’s office vacancy rate at 18.4%, below the national average of 19.4%, and demand rising for flexible office spaces, particularly in smaller buildings, there are significant opportunities for investment. Additionally, the area's continued population growth, driven by major capital expenditure projects and job creation, is expected to further boost market activity. As transaction activity increases and co-working spaces expand, this is an ideal time to explore business prospects and partnerships in Phoenix’s evolving office sector.

Who You'll Network With At This Discussion: Owners, developers, investors, operators, brokers, public officials, architects, tenants, engineers and providers moving the office market forward.  

Why You Should Attend This Session: Bisnow events bring together the biggest power players in the industry to identify opportunities, build your network and expand your business. With the largest audience of commercial real estate professionals in the world, no one knows how to help your business more than us.

For questions, recommendations, comments, or press inquiries please email our event producer, Kay VanAsdale, at kay.vanasdale@bisnow.com. To request disability-related accommodations, please contact janet.fernandez@bisnow.com no later than seven business days before the event.

PROJECTS & NEWS YOU SHOULD KNOW

• Investors Back in US Office Market as Leasing Picks Up
• Here’s why uncertainty continues to define the Phoenix office market
• Phoenix Office Market’s Small Wins Add Up
• Office Transformation Extends into 2025, Expecting Vacancy Rates to Plateau
• What’s In and What’s Out: Workplace Trends for a Changing Workforce
• A Living Lab: How the Gensler Phoenix Redesign Supports Our New Work Styles

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