Nextiva, Benchmark, Offerpad Sign 206K SF in Phoenix Office Real Estate Deals, Colliers Reports

PHOENIX — Three companies signed office leases totaling approximately 206,173 square feet across the Phoenix metro area, according to a May 2026 market report published by Colliers. The deals, involving Nextiva, Benchmark Real Estate Partners, and Offerpad, represent recently tracked office real estate activity in the region as broader market indicators point to tightening vacancy and shifting rental dynamics.

Latest Office Real Estate Leases in Phoenix

The largest of the three transactions was signed by Nextiva at 9451 E Via De Ventura, encompassing 101,509 square feet.

Benchmark signed a lease for 63,500 square feet at 56 S Rockford Dr, a property identified in the Colliers report as part of the Benchmark at Rio 2100 development.

Offerpad rounded out the trio of deals with a 41,164-square-foot lease at 433 S Farmer Ave, a property known as The Beam on Farmer. Combined, the three leases account for approximately 206,173 square feet of office space committed across the Phoenix market.

Key Financial Insights: Phoenix Office Rental Rates and Vacancy

The Colliers report, authored by Michael Marsh, a vice president with the firm, provides key financial insights into the state of the Phoenix office market heading into the second quarter of 2026. Market-wide asking rents rose to $30.52 per square foot in Q1 2026, up from $29.68 per square foot in Q1 2025, according to the report's rental rate data.

Class A office space saw a more pronounced increase, with asking rents reaching $34.60 per square foot in Q1 2026 compared to $33.85 per square foot in Q1 2025, a trend the report characterizes as a strong increase. Class B rents edged slightly lower, moving from $26.12 per square foot in Q1 2025 to $25.88 per square foot in Q1 2026.

Office Space Tracker: Vacancy and Availability Trends

Direct vacant space in the Phoenix office market fell to 23,192,070 square feet in Q1 2026, down 8.94% year-over-year from 25,469,441 square feet in Q1 2025, according to Colliers data. Sublease available space declined even more sharply, dropping 25.41% year-over-year to 4,995,978 square feet in Q1 2026 from 6,698,145 square feet in Q1 2025.

Total available space — which includes both vacant and occupied space marketed for future availability — stood at 32,019,387 square feet in Q1 2026, a 5.58% decline from 33,911,100 square feet recorded in Q1 2025. Direct available space was relatively flat year-over-year, declining 0.70% to 27,023,409 square feet.

About the Colliers Report

The data and deal activity were published as part of Colliers' monthly Arizona commercial real estate market commentary series, "The Signal," authored by Michael Marsh. According to Colliers, Marsh has been involved in more than 500 transactions totaling more than $500 million in total consideration, spanning leasing, subleasing, sales, acquisitions, consulting, and portfolio management.

The report also noted new sublease spaces added to the Phoenix market and tracked investment sales activity, though specific financial terms for the leases and investment transactions were not disclosed in the published report.

Sources

Colliers, "The Signal — May 2026: Arizona Commercial Real Estate Trends," May 15, 2026. https://www.colliers.com/en/news/phoenix/the-signal-may-2026