Scottsdale Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $31.57 2024 Avg. Asking Rent
  • -4.56% Y-o-Y Avg. Asking Rent Change
  • 14.68% 2024 Office Vacancy Rate
  • $313.3M2024 Total Office Sales
  • $199.15Avg. Sale Price/SF

Scottsdale office price per square foot in 2024 was $31.57 on average. This marked a -4.56% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.68% across all asset classes combined. The 18 transactions that closed here throughout 2024 amounted to a total sale volume of $313.3M. Scottsdale office space commanded an average sale price per square foot of $199.15.

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

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Scottsdale Class A & A+ Office Space$34.02
  • Scottsdale Class B Office Space$28.05
  • Scottsdale Class C Office Space$18.40
  • Arizona Class A & A+ Office Space$33.12
  • Arizona Class B Office Space$24.39
  • Arizona Class C Office Space$18.69

Scottsdale, AZ Office Asking Rents by Class

Average office rent in Scottsdale rested at $31.57 per square foot in 2024. 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 $34.02 per square foot. Across all submarkets, class B office space recorded an average asking rent of $28.05 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.40 per square foot, on average. Comparably, statewide Arizona average office rents by class in 2024 were: $33.12 per square foot for class A office space; $24.39 per square foot for class B office space; $18.69 per square foot for class C office space.

2024 Office Vacancy Rates in Scottsdale

Submarket Asking Rents Vacancy Rates
Scottsdale - South $33.39 16.22%
Scottsdale - Airpark $32.08 13.88%
Scottsdale - Shea Corridor $28.68 15.70%
Phoenix - Desert View $28.00 23.53%
Phoenix - Paradise Valley Village $27.91 33.79%
Scottsdale - North $25.35 7.44%
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 14.68% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Scottsdale was 7.44% in the Scottsdale - North submarket, while the highest office vacancy in the market was 33.79%, recorded in Phoenix - Paradise Valley Village.

Office Spaces for Rent in Arizona

Scottsdale Office Sale Price per SF

  • $199.152024 Avg. Price per SF
  • -12.26%Y-o-Y Avg. PpSF Change
  • $313.3M2024 Office Sales Volume
  • 182024 Number of Transactions

Scottsdale, AZ Sale Price per SF Trend

  • Scottsdale Avg. Sale Price per SF in 2024$199.15
  • Arizona Avg. Sale Price per SF in 2024$155.40
Scottsdale office space cost in 2024 marked a -12.26% change compared to the previous year. The sale price for office space in Scottsdale averaged $199.15 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Arizona average office sale price during the same time period was $155.40 per square foot.

2024 Office Sales Volume

  • Scottsdale, AZ Total Office Sales Volume in 2024 $313.3M
  • Scottsdale, AZ Total Number of Office Sales Closed in 2024 18
A total of 18 deals closed on the Scottsdale office market in 2024, adding up to a yearly sales volume of $313.3M. Notably, the largest transaction on the market saw 9501 East Shea Blvd change hands for $71,500,000 on 8/7/2024.

Largest Scottsdale Office Sales in 2024

Property name Address Date Price
9501 East Shea Blvd 9501 East Shea Blvd 8/7/2024 $71,500,000
Northsight Corporate Center - 14400 North 87th Street 14400 North 87th Street 4/30/2024 $42,250,000
7272 Old Town 7272 East Indian School Road 12/17/2024 $42,250,000
4141 North Scottsdale Road 4141 North Scottsdale Road 6/6/2024 $26,050,000
GoDaddy Technology Park 14455 North Hayden Road 12/20/2024 $24,500,000
Data provided by Commercial Edge

Coworking Spaces in Arizona

2024 Office Construction in Scottsdale, AZ

  • Scottsdale, AZ Total SF completed in 2024 101,136
  • Scottsdale, AZ Total SF under construction in 2025 97,538

During 2024, 101,136 square feet of new office space were delivered across the market. At the close of 2024, the Scottsdale office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 101,136 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 97,538 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
Cavasson 18700 N. Hayden Rd, 85255 460,000 2020
Verde Grove View - Building A 9112 East Verde Grove View, 85255 15,565 2020
Verde Grove at DC Ranch - 9112 East Verde Grove View 9112 East Verde Grove View, 85255 15,449 2020
Chauncey Lane Marketplace 17767 North Scottsdale Road, 85255 34,963 2018
Skysong 4 1355 N. Scottsdale Rd., 85257 145,000 2015
Terra Verde I 16767 North Perimeter Drive, 85260 183,976 2009
Terra Verde 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

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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. 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.