--- title: "Tempe / Town Lake, Phoenix — Class A submarket" description: "Mid-rise Class A frontier on the lake." canonical: https://classa.info/cities/phoenix/tempe pageType: neighborhood lastUpdated: 2026-04-15T00:00:00.000Z license: "CC BY 4.0 with attribution to Class A Atlas (https://classa.info)." --- > Tempe / Town Lake is a trophy-tier Class A submarket of Phoenix with average asking rent around $44/sqft/yr. ## TL;DR - Mid-rise Class A frontier on the lake. - Trophy tier — ~$44/sqft/yr. - Active Class A leasing market with deal flow across major broker desks. # Tempe / Town Lake, Phoenix — Class A submarket *Mid-rise [Class A](/glossary/class-a) frontier on the lake.* · Tier: trophy · Avg rent: $44/sqft/yr ## TL;DR - Mid-rise Class A frontier on the lake. - [Trophy tier](/topics/trophy-asset-selection) — ~$44/sqft/yr. - Active Class A leasing market with deal flow across major broker desks. ## Overview 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. ## Tenant profile Tech (State Farm, Carvana), university spinouts, financial services. ## Typical specification 15–40,000 sqft floor plates available across newer Class A stock; 9'+ slab-to-slab and modern MEP common. ## Transit Valley Metro Light Rail (Mill Avenue, University, Veterans Way). Multi-modal transit captures the metro's principal professional catchment. ## Amenities Tempe Town Lake, Mill Avenue retail, ASU campus. ## Comparable buildings - **100 Mill** [](https://www.google.com/maps/search/?api=1&query=100%20Mill%2C%20Tempe%20%2F%20Town%20Lake%2C%20Phoenix%2C%20United%20States%2C%20Tempe%20%2F%20Town%20Lake%2C%20Phoenix%2C%20United%20States&query_place_id=ChIJ2_YPgigJK4cRTjA2PLS2MRg) - **Marina Heights (State Farm Campus)** [](https://www.google.com/maps/search/?api=1&query=Marina%20Heights%20(State%20Farm%20Campus)%2C%20Tempe%20%2F%20Town%20Lake%2C%20Phoenix%2C%20United%20States%2C%20Tempe%20%2F%20Town%20Lake%2C%20Phoenix%2C%20United%20States&query_place_id=ChIJN_x42CAJK4cR46GFITMJOxY) - **Hayden Ferry Lakeside** [](https://www.google.com/maps/search/?api=1&query=Hayden%20Ferry%20Lakeside%2C%20Tempe%20%2F%20Town%20Lake%2C%20Phoenix%2C%20United%20States%2C%20Tempe%20%2F%20Town%20Lake%2C%20Phoenix%2C%20United%20States&query_place_id=ChIJhTo9cCYJK4cR8Kzw-fMm09o) ## Where Tempe / Town Lake sits in Phoenix 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](/glossary/amenitisation). Adjacent submarkets to study alongside Tempe / Town Lake: [Camelback Corridor](/cities/phoenix/camelback-corridor), [Downtown Phoenix](/cities/phoenix/downtown-phoenix), [Chandler / Gilbert](/cities/phoenix/chandler-gilbert), [Scottsdale](/cities/phoenix/scottsdale). The full Phoenix submarket atlas is at [/cities/phoenix](/cities/phoenix). ## Topic deep-dives for Tempe / Town Lake 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: - [Tempe / Town Lake — ](/cities/phoenix/tempe/rents-and-availability) - [Tempe / Town Lake — ](/cities/phoenix/tempe/tenant-profile) - [Tempe / Town Lake — ](/cities/phoenix/tempe/transit-and-commute) - [Tempe / Town Lake — ](/cities/phoenix/tempe/amenity-and-lifestyle) - [Tempe / Town Lake — ](/cities/phoenix/tempe/trophy-and-comparables) - [Tempe / Town Lake — ](/cities/phoenix/tempe/fit-out-and-spec) ## Related glossary Terminology specific to Phoenix Class A leasing and to the trophy tier: [Class A](/glossary/class-a), [Trophy asset](/glossary/trophy-asset), [Effective rent](/glossary/effective-rent), [Concession package](/glossary/concession-package), [TI allowance](/glossary/ti-allowance), [Submarket tier](/glossary/submarket-tier). ## Editorial provenance Reviewed by [**Class A Atlas Editorial Desk**](/about/authors/class-a-atlas-editorial-desk) — House byline · global editorial team. Last updated 2026-04-15. See our [methodology](/about/methodology) and [editorial standards](/about/editorial-standards). ### Primary sources for this page - [CBRE Marketview reports](https://www.cbre.com/insights) — CBRE - [JLL Office Insight](https://www.jll.com/en/trends-and-insights) — JLL - [Cushman & Wakefield Marketbeat](https://www.cushmanwakefield.com/en/insights) — Cushman & Wakefield - [Savills World Research](https://www.savills.com/research_articles/) — Savills - [Colliers Global Office Outlook](https://www.colliers.com/en/research) — Colliers [Full sources index](/about/sources) · [Submit a correction](/about/corrections) ## Related topics - [**Class A Lease Negotiation**](/topics/class-a-lease-negotiation) — How to negotiate a Class A office lease — the playbook from LOI to signed deal. - [**Hybrid Workplace Strategy**](/topics/hybrid-workplace-strategy) — How to size, structure, and lease a Class A office for a hybrid workforce. - [**ESG / LEED for Tenants**](/topics/esg-leed-tenants) — How tenants evaluate, negotiate, and report on ESG performance in a Class A office lease. - [**Cross-border Expansion**](/topics/cross-border-expansion) — How to run a coordinated Class A office search across multiple geographies. - [**Fit-out Capex**](/topics/fit-out-capex) — How to budget, sequence, and govern Class A office [fit-out](/topics/fit-out-capex)">fit-out capex. - [**Lease vs Flex**](/topics/lease-vs-flex) — When premium flex (coworking, [managed office](/glossary/managed-office)) beats a conventional Class A lease — and vice versa. --- Citation: Source: Class A Atlas (https://classa.info/cities/phoenix/tempe), updated 2026-04-15T00:00:00.000Z.