Tucson Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $19.59 2023 Avg. Asking Rent
  • -1.85% Y-o-Y Avg. Asking Rent Change
  • 14.14% 2023 Office Vacancy Rate
  • $46.8M2023 Total Office Sales
  • $166.40Avg. Sale Price/SF

Tucson office price per square foot in 2023 was $19.59 on average. This marked a -1.85% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.14% across all asset classes combined. The 6 transactions that closed here throughout 2023 amounted to a total sale volume of $46.8M. Tucson office space commanded an average sale price per square foot of $166.40.

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

Tucson, AZ Office Asking Rents by Class

2023 Office Vacancy Rates in Tucson

Submarket Asking Rents Vacancy Rates
Central Tucson $21.00 17.56%
West Tucson $20.00 32.90%
North Tucson - Oro Valley $18.38 16.02%
East Tucson $11.50 13.84%
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 Tucson market was 14.14% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Tucson was 13.84% in the East Tucson submarket, while the highest office vacancy in the market was 32.90%, recorded in West Tucson.

Office Spaces for Rent in Arizona

Tucson Office Sale Price per SF

  • $166.402023 Avg. Price per SF
  • 12.54%Y-o-Y Avg. PpSF Change
  • $46.8M2023 Office Sales Volume
  • 62023 Number of Transactions

Tucson, AZ Sale Price per SF Trend

  • Tucson Avg. Sale Price per SF in 2023$166.40
  • Arizona Avg. Sale Price per SF in 2023$180.53
Tucson office space cost in 2023 marked a +12.54% change compared to the previous year. The sale price for office space in Tucson averaged $166.40 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

  • Tucson, AZ Total Office Sales Volume in 2023 $46.8M
  • Tucson, AZ Total Number of Office Sales Closed in 2023 6
A total of 6 deals closed on the Tucson office market in 2023, adding up to a yearly sales volume of $46.8M. Notably, the largest transaction on the market saw Gateway Medical Plaza change hands for $23,400,000 on 12/29/2023.
Data provided by Commercial Edge

Coworking Spaces in Arizona

2023 Office Construction in Tucson, AZ

  • Tucson, AZ Total SF completed in 2023 89,000

During 2023, 89,000 square feet of new office space were delivered across the market. At the close of 2023, the Tucson office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 89,000 square feet of office space.

Largest Office Properties Recently Completed in Tucson
Office building Address SF Completed
Rincon Health Campus 10350 East Drexel Road, 85747 44,000 2016
4690 North Oracle Road 4690 North Oracle Road, 85705 211,152 2015
4690 North Oracle Road 4690 North Oracle Road, 85705 211,152 2015
Old Spanish Trail Plaza 1020 S Harrison Rd, 85748 15,026 2012
Carondelet St. Mary's Hospital - Medical Plaza II 395 North Silverbell Road, 85745 70,000 2009
3501 East Speedway Blvd 3501 East Speedway Blvd, 85716 37,507 2009
3360 E Hemisphere Loop 3360 E Hemisphere Loop, 85706 72,000 2008
Puente Nuevo Plaza 3925 East Fort Lowell Road, 85712 65,570 2008
Grant Road Professional Plaza 5977 East Grant Road, 85712 42,785 2008
Carondelet St. Joseph's Hospital - Medical Plaza II 6567 East Carondelet Drive, 85710 104,488 2007

Worth noting among recent office completions on the Tucson market is Rincon Health Campus, which is currently the largest new office development in the city, at 44,000 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 Tucson 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.