The Scottsdale Airpark office outlook for 2026 points to a market that is stabilizing after two years of elevated vacancy, with rents holding firm and demand concentrated among small to midsize tenants. For anyone evaluating office space in the submarket, class and location now matter more than headline vacancy alone.
By David Pierce, MHG Commercial
Where Vacancy Stands in the Scottsdale Airpark Right Now
The Scottsdale Airpark vacancy rate has stabilized after climbing through 2024 and early 2025, when a wave of hybrid work downsizing pushed sublease space onto the market. Recent brokerage tracking across the submarket puts overall office vacancy in the high single digit to low double digit range, with meaningful separation between building classes. Class A towers along Hayden Road and Scottsdale Road generally post tighter vacancy than the Class B and C product scattered through the interior of the Airpark, where older, smaller floor plates take longer to lease.
Sublease availability, which spiked when several technology and financial services tenants right sized their footprints, has thinned out considerably as that space gets absorbed by growing local businesses rather than new to market entrants. That shift matters: absorption driven by expansion inside the submarket tends to hold longer than absorption driven by a single large relocation. For owners and investors tracking the broader picture, the vacancy trend line now matters more than the current snapshot, and that trend line has been flattening for several consecutive quarters.
Average Office Rental Rates in the Scottsdale Airpark for 2026
Average asking rents for office space in the Scottsdale Airpark generally run in the high $20s to upper $30s per square foot on a triple net basis for Class A buildings, with Class B space typically priced several dollars lower per square foot annually. Rates have held firm rather than climbed sharply, reflecting a market where landlords are prioritizing occupancy over rate growth after two years of elevated concessions.
Tenant improvement allowances and free rent periods remain part of most new leases, particularly for spaces requiring a full buildout. Landlords with well maintained Class A assets near the Loop 101 and Scottsdale Road corridor have more pricing power than owners of dated Class B and C stock, where rate is often the primary lever used to compete for tenants. For businesses comparing costs across Scottsdale, Arizona submarkets, the Airpark continues to price at a premium to south Scottsdale but below the tightest pockets of north Scottsdale near the Waterfront and Fashion Square.
Who Is Leasing Office Space in the Scottsdale Airpark
Professional and financial services firms make up the largest share of tenants leasing space in the Scottsdale Airpark, including title companies, wealth management practices, insurance agencies, and regional bank offices. Wells Fargo and several other national banks maintain branch and back office operations in the submarket, and that financial services presence has been a stabilizing force through the recent vacancy cycle.
Technology and software companies occupy a meaningful share of Class A space, though many have trimmed their footprints to smaller, more efficient suites rather than exiting entirely. Healthcare administration, insurance, and corporate back office users round out the mix, drawn by the Airpark's central location, freeway access, and lower rents than comparable space in Old Town Scottsdale. Local businesses, not just national relocations, account for most of the recent leasing activity, a pattern that tends to produce more durable occupancy than a market dependent on one or two large corporate moves.
The Scottsdale Airpark Office Outlook: Improving or Declining Heading Into 2026
The Scottsdale Airpark office outlook heading into 2026 leans toward gradual improvement rather than continued softening. Vacancy has flattened, sublease space has thinned, and net absorption has turned positive in several recent quarters as local businesses expand into space vacated during the downsizing wave of 2023 and 2024.
That said, the recovery is uneven. Class A buildings with updated common areas and covered parking are absorbing space faster than dated Class B and C product, and landlords who have not reinvested in their buildings are seeing longer time on market. New construction remains limited, which works in existing owners' favor by preventing a fresh supply wave from competing with product still working through lease up. Overall, the Scottsdale Airpark office outlook favors well located, well maintained buildings over commodity space, a distinction that will likely define leasing activity through the rest of the year.
New Office Construction and Development in the Scottsdale Airpark
New office construction in the Scottsdale Airpark has slowed considerably compared to the last development cycle, with most current activity concentrated in renovation and repositioning of existing buildings rather than ground up towers. A handful of owners have invested in lobby, fitness, and outdoor amenity upgrades to compete for tenants who could otherwise choose newer product in Tempe or south Scottsdale.
Where new development is happening, it tends to be smaller build to suit projects on an individual site for owner-users or medical and professional office users rather than large speculative towers. That pattern is consistent with broader trends across metro Phoenix, where investors weighing a new development guide for office product are finding land and construction costs make spec office a harder pencil than industrial or multifamily right now. The limited construction pipeline is one reason the current vacancy trend has room to keep improving without new supply resetting the math.
How the Scottsdale Airpark Compares to Other Phoenix-Area Office Submarkets
Compared to other Phoenix area office submarkets, the Scottsdale Airpark sits in a middle position, more affordable than Old Town Scottsdale and the Camelback Corridor, but priced above south Tempe and most of Chandler's Price Road tech corridor. Its draw is location: easy access to the Loop 101, proximity to Scottsdale Road retail and dining, and a business community that skews toward established local companies rather than large single tenant campuses.
Tempe continues to compete for technology and state related tenants with its light rail access and proximity to Arizona State University, while Chandler pulls semiconductor and advanced manufacturing back office users. The Airpark's advantage is stability within the broader Arizona office landscape: it is not chasing a single industry the way those submarkets are, which has kept its tenant base more diversified through the recent downturn. The Scottsdale Airpark Post Office near Hayden and Redfield remains a familiar landmark for tenants and couriers, and its posted hours follow the standard schedule kept across the city of Scottsdale.
Class A, B, and C Office Space Availability in the Scottsdale Airpark
Class B space makes up the largest share of available inventory in the Scottsdale Airpark, a reflection of the submarket's development history through the 1980s and 1990s. Class A space is more limited and tends to lease faster, particularly buildings with structured or covered parking, updated lobbies, and on site amenities. The limited Class A openings that do come to market rarely stay available for long.
Class C space, generally older with smaller floor plates, remains the most price sensitive segment and often turns over to medical, education, or small professional office users rather than corporate tenants. For a business evaluating Scottsdale Airpark office space by class, the practical takeaway is that Class B and C space offers more negotiating room on rate and concessions. Tenants willing to consider a Class B building with recent capital improvements can often find space that functions like Class A at a meaningfully lower cost per square foot.
Frequently Asked Questions
Why is the Scottsdale Airpark called an airpark if it has no runway? The name comes from Scottsdale Airport, the general aviation airport that anchors the district's edge and does have an active runway. The office and industrial corridor built up around that airport over several decades, and the Airpark name stuck to describe the broader business district, not a runway inside the office submarket itself. The mix up is common among people new to the area.
Is now a good time to lease office space in the Scottsdale Airpark? For tenants able to move quickly, current conditions favor negotiating leverage: vacancy has room in most classes, landlords are still offering meaningful concessions, and asking rents have not spiked. Whether it is the right time depends on a tenant's specific space needs, timeline, and building class preference, and that decision usually benefits from a direct conversation with a broker tracking current availability.
How much does office space cost per square foot in the Scottsdale Airpark? Costs vary by class and building quality. Class A space generally runs in the high $20s to upper $30s per square foot on a triple net basis, while Class B and C space typically prices several dollars lower. Actual cost per square foot also depends on tenant improvement allowances, parking, and operating expense pass throughs, which can shift the effective rate from the quoted asking rate.
Which companies have headquarters or major offices in the Scottsdale Airpark? Discount Tire, headquartered in Scottsdale, is among the best known companies anchored in the Airpark area, and the submarket is also home to a mix of regional bank offices, insurance carriers, and professional services firms with major offices there. Most tenants in the district are established local and regional businesses rather than large public company campuses, which contributes to the market's overall stability.
Get Current Availability for Scottsdale Airpark Office Space
Vacancy, rents, and tenant mix in the Scottsdale Airpark shift building by building, and the numbers above are a starting point, not a substitute for current listings. For more information or to review available space that fits your timeline and budget, contact our brokerage.