Phoenix Among Top 10 U.S. Markets for Office Investment Since 2020

A new CommercialSearch report ranks Phoenix eighth nationally for office investment activity since 2020, with 477 transactions recorded over the past five years. The city’s strongest year was 2021, when 141 office deals closed as investors capitalized on favorable conditions before rate hikes and economic headwinds reshaped the market. 

Nationally, Boston, Manhattan, and the Bay Area led in total office sales volume, while Dallas-Fort Worth saw the highest number of transactions overall. The report notes that 2021 and 2022 were peak years for most major markets before deal flow slowed industry-wide.

Despite challenges like hybrid work, rising construction costs, and aging inventory, Phoenix’s steady activity reflects continued investor confidence in Sun Belt office markets. Lower operating costs, population growth, and corporate relocations have helped sustain investment interest even as national demand for office space shifts. 

For multifamily and mixed-use developers, this signals a broader trend: well-located suburban office nodes — especially in areas like Tempe, Chandler, and north Phoenix — continue to attract tenants seeking proximity to housing, retail, and transit. The blending of office and residential uses remains a defining theme in how the Valley continues to grow.