Phoenix has approximately 130 million square feet of commercial space and is one of the fastest-growing industrial markets in the US, driven by semiconductor manufacturing, logistics, and data centers. The Deer Valley, Camelback Corridor, and Downtown Phoenix submarkets lead in office. Arizona is a landlord-friendly state with straightforward commercial lease law.
By Angel Campa, Founder · Updated March 2026
Commercial Space
130M sq ft
Avg Office Rent
$28–$42/sq ft
Vacancy Rate
20%
Avg Lease Term
5–12 years
Phoenix industrial leases are almost universally NNN with annual 3% rent bumps. Office leases are Modified Gross or NNN depending on building class. Data center and semiconductor manufacturing leases include specialized power, cooling, and utility provisions that require careful extraction.
Arizona Landlord–Tenant Guide
State-specific commercial lease laws, notice periods, and tenant rights for Arizona →
Phoenix industrial leases are standard NNN with annual 3% rent bumps, tenant-responsible utilities, and minimal landlord obligations. The key fields to extract are the exact escalation schedule, CAM reconciliation caps, and renewal option rent mechanics.
A complete reference for commercial lease financial terms. Covers base rent, escalations, NNN vs gross, TI allowances, and percentage rent with examples.
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