By AZRE
In the newest report published by PropertyShark, which ranks the country’s 100 priciest office submarkets by sale price per square foot, five Arizona office submarkets are among the Top 100 most expensive per square foot in 2022.
Here are some highlights of the findings:
• Arizona is one of 3 states that were home to4 of the 100 most expensive office submarkets of 2022. Thus, the states placed 4th for most entries on the list, following Texas and New York with 6 entries each, Florida’s final add-up of 13, and California’s lead total of 34.
• All Arizona entries belong to the Phoenix market, with Camelback East – ranked #55 – being the state’s most expensiveoffice submarket of 2022 where office space sold for $310per square foot, followed right after by the Chandlersubmarket – ranked #56 – where the average was $305 per square foot.
• Two Scottsdalesubmarkets made the list: the Airparksubmarket at #61 with an average price of $294 per square foot, and the Shea Corridorsubmarket at #94 with a $248 per square foot average. Meanwhile, Gilbert had an average price of $271, ranking #77.
• The Western region accounts for the largesttotal number of entries claiming half of the 100 most expensive office submarkets of 2022 with entries across 6 states.
• Overall, Arizona had the 11th-highest average sale price of $207 for office space in 2022, compared to a national average of $227 per square foot.
