Mesa Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $24.62 2023 Avg. Asking Rent
  • -3.50% Y-o-Y Avg. Asking Rent Change
  • 16.95% 2023 Office Vacancy Rate
  • $34.8M2023 Total Office Sales
  • $122.82Avg. Sale Price/SF

Mesa office price per square foot in 2023 was $24.62 on average. This marked a -3.50% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.95% across all asset classes combined. The 7 transactions that closed here throughout 2023 amounted to a total sale volume of $34.8M. Mesa office space commanded an average sale price per square foot of $122.82.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Arizona Class A & A+ Office Space$32.35
  • Arizona Class B Office Space$23.61
  • Arizona Class C Office Space$27.68

Mesa, AZ Office Asking Rents by Class

2023 Office Vacancy Rates in Mesa

Submarket Asking Rents Vacancy Rates
Mesa $24.61 16.64%
Gilbert $23.30 8.50%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Mesa market was 16.95% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Mesa was 8.50% in the Gilbert submarket, while the highest office vacancy in the market was 16.64%, recorded in Mesa.

Office Spaces for Rent in Arizona

Mesa Office Sale Price per SF

  • $122.822023 Avg. Price per SF
  • -1.27%Y-o-Y Avg. PpSF Change
  • $34.8M2023 Office Sales Volume
  • 72023 Number of Transactions

Mesa, AZ Sale Price per SF Trend

  • Mesa Avg. Sale Price per SF in 2023$122.82
  • Arizona Avg. Sale Price per SF in 2023$180.53
Mesa office space cost in 2023 marked a -1.27% change compared to the previous year. The sale price for office space in Mesa averaged $122.82 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Arizona average office sale price during the same time period was $180.53 per square foot.

2023 Office Sales Volume

  • Mesa, AZ Total Office Sales Volume in 2023 $34.8M
  • Mesa, AZ Total Number of Office Sales Closed in 2023 7
A total of 7 deals closed on the Mesa office market in 2023, adding up to a yearly sales volume of $34.8M. Notably, the largest transaction on the market saw 120 West 1st Avenue change hands for $9,250,000 on 12/29/2023.
Data provided by Commercial Edge

Coworking Spaces in Arizona

2023 Office Construction in Mesa, AZ

  • Mesa, AZ Total SF under construction in 2024 37,958
Largest Office Properties Recently Completed in Mesa
Office building Address SF Completed
10545 E Southern Ave 10545 E Southern Ave, 85209 2,361 2023
Union 2046 W. Riverview Auto Dr., 85201 239,411 2021
5215 E Southern Avenue 5215 East Southern Avenue, 85206 9,490 2021
1010 S Crismon Rd 1010 S Crismon Rd, 85208 5,050 2015
4215 E McDowell Rd 4215 E McDowell Rd, 85215 152,909 2007
Canyon Springs Medical Plaza 2940 East Banner Gateway Drive, 85234 91,957 2007
Stapley Medical Center - 1840 South Stapley Drive 1840 South Stapley Drive, 85204 90,967 2007
East Valley Medical 1220 S. Higley Road, 85206 19,089 2007
Mountain Vista Medical 10238 East Hampton Avenue, 85209 97,549 2006
4360 East Brown Road 4360 East Brown Road, 85205 17,333 2006

Worth noting among recent office completions on the Mesa market is 10545 E Southern Ave, which is currently the largest new office development in the city, at 2,361 square feet.

Data provided by Commercial Edge

See reports for other markets

This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Mesa commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.