Tempe / Town Lake is a trophy-tier Class A submarket of Phoenix with average asking rent around $44/sqft/yr.
Mid-rise Class A frontier on the lake. · Tier: trophy · Avg rent: $44/sqft/yr
Tempe — anchored by ASU and the Tempe Town Lake redevelopment — is Phoenix's most dynamic mid-rise Class A market. State Farm's Marina Heights campus is the single largest office development in Arizona.
Tech (State Farm, Carvana), university spinouts, financial services.
15–40,000 sqft floor plates available across newer Class A stock; 9'+ slab-to-slab and modern MEP common.
Valley Metro Light Rail (Mill Avenue, University, Veterans Way).
Multi-modal transit captures the metro's principal professional catchment.
Tempe Town Lake, Mill Avenue retail, ASU campus.
Tempe / Town Lake is one of 5 Class A submarkets we cover in Phoenix, classified as trophy tier with an average asking rent around $44/sqft/yr. Compared with the broader Phoenix Class A stock, Tempe / Town Lake typically attracts Tech (State Farm, Carvana), university spinouts, financial services and competes most directly with the city's other trophy submarkets on building specification, transit access, and amenitisation.
Adjacent submarkets to study alongside Tempe / Town Lake: Camelback Corridor, Downtown Phoenix, Chandler / Gilbert, Scottsdale. The full Phoenix submarket atlas is at /cities/phoenix.
For an institutional Class A occupier evaluating Tempe / Town Lake, the highest-leverage analyses to commission next are the rent benchmark, the concession-package comparable, and the ESG performance baseline. Class A Atlas covers each as a dedicated topic page for this submarket:
Terminology specific to Phoenix Class A leasing and to the trophy tier: Class A, Trophy asset, Effective rent, Concession package, TI allowance, Submarket tier.
Reviewed by Class A Atlas Editorial Desk — House byline · global editorial team. Last updated 2026-04-15. See our methodology and editorial standards.