Scottsdale Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $33.08 2023 Avg. Asking Rent
  • 3.44% Y-o-Y Avg. Asking Rent Change
  • 14.59% 2023 Office Vacancy Rate
  • $233.9M2023 Total Office Sales
  • $225.58Avg. Sale Price/SF

Scottsdale office price per square foot in 2023 was $33.08 on average. This marked a +3.44% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.59% across all asset classes combined. The 17 transactions that closed here throughout 2023 amounted to a total sale volume of $233.9M. Scottsdale office space commanded an average sale price per square foot of $225.58.

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

  • Scottsdale Class A & A+ Office Space$35.63
  • Scottsdale Class B Office Space$27.90
  • Scottsdale Class C Office Space$21.27
  • Arizona Class A & A+ Office Space$32.35
  • Arizona Class B Office Space$23.61
  • Arizona Class C Office Space$27.68

Scottsdale, AZ Office Asking Rents by Class

Average office rent in Scottsdale rested at $33.08 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Scottsdale averaged $35.63 per square foot. Across all submarkets, class B office space recorded an average asking rent of $27.90 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $21.27 per square foot, on average. Comparably, statewide Arizona average office rents by class in 2023 were: $32.35 per square foot for class A office space; $23.61 per square foot for class B office space; $27.68 per square foot for class C office space.

2023 Office Vacancy Rates in Scottsdale

Submarket Asking Rents Vacancy Rates
Scottsdale - South $37.16 14.69%
Phoenix - Desert View $34.00 13.77%
Scottsdale - Airpark $32.38 13.55%
Phoenix - Paradise Valley Village $30.91 27.24%
Scottsdale - Shea Corridor $30.62 16.65%
Scottsdale - North $25.89 13.18%
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 Scottsdale market was 14.59% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Scottsdale was 13.18% in the Scottsdale - North submarket, while the highest office vacancy in the market was 27.24%, recorded in Phoenix - Paradise Valley Village.

Office Spaces for Rent in Arizona

Scottsdale Office Sale Price per SF

  • $225.582023 Avg. Price per SF
  • -15.14%Y-o-Y Avg. PpSF Change
  • $233.9M2023 Office Sales Volume
  • 172023 Number of Transactions

Scottsdale, AZ Sale Price per SF Trend

  • Scottsdale Avg. Sale Price per SF in 2023$225.58
  • Arizona Avg. Sale Price per SF in 2023$180.53
Scottsdale office space cost in 2023 marked a -15.14% change compared to the previous year. The sale price for office space in Scottsdale averaged $225.58 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

  • Scottsdale, AZ Total Office Sales Volume in 2023 $233.9M
  • Scottsdale, AZ Total Number of Office Sales Closed in 2023 17
A total of 17 deals closed on the Scottsdale office market in 2023, adding up to a yearly sales volume of $233.9M. Notably, the largest transaction on the market saw Scottsdale Financial Center I change hands for $44,000,000 on 6/23/2023.

Largest Scottsdale Office Sales in 2023

Property name Address Date Price
Scottsdale Financial Center I 4110 North Scottsdale Road 6/23/2023 $44,000,000
Mesquite Corporate Center 14646 North Kierland Blvd 3/8/2023 $32,000,000
Scottsdale Northsight 14350 North 87th Street 11/7/2023 $26,500,000
Gainey Center II 8501 North Scottsdale Road 7/31/2023 $26,500,000
Scottsdale Gateway II 8901 East Mountain View Road 1/31/2023 $19,450,000
Data provided by Commercial Edge

Coworking Spaces in Arizona

2023 Office Construction in Scottsdale, AZ

  • Scottsdale, AZ Total SF completed in 2023 276,354
  • Scottsdale, AZ Total SF under construction in 2024 101,136

During 2023, 276,354 square feet of new office space were delivered across the market. At the close of 2023, the Scottsdale office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 276,354 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 101,136 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Scottsdale
Office building Address SF Completed
One Scottsdale Medical 20159 North Scottsdale Road, 85255 101,136 2024
Skysong 4 1355 N. Scottsdale Rd., 85257 145,000 2015
Terra Verde I 16767 North Perimeter Drive, 85260 183,976 2009
TerraVerde I 16767 N Perimeter Drive, 85260 181,300 2009
Scottsdale Quarter 15279 N Scottsdale Road, 85254 98,100 2009
Scottsdale Quarter 15169 N Scottsdale Road, 85254 73,513 2009
SkySong 2 1375 North Scottsdale Road, 85257 150,000 2008
Riverwalk Arizona 7720 N Dobson Road, 85256 149,544 2008
Pima Medical Pavilion II 8465 North Pima Road, 85258 90,500 2008
Troon North Condos 10045 E Dynamite Blvd, 85262 53,561 2008

Worth noting among recent office completions on the Scottsdale market is One Scottsdale Medical, which is currently the largest new office development in the city, at 101,136 square feet.

Data provided by Commercial Edge

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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 Scottsdale 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.