Top 5 Western Markets for Office Transactions

Office transaction activity across the Western U.S. remained fluid year-to-date through May 2026, according to Yardi Matrix information.

The region followed broader investment patterns, with stronger pricing supporting steady transaction activity, even as the amount of space changing hands varied. This suggests that investors remained willing to pay premiums for well-positioned assets, mirroring national office space trends.

Phoenix and Denver led the region in dollar volume, while Las Vegas emerged as the priciest market on our list—64.4 percent higher than the national average of $213 per square foot. Together, these five metros generated $1.1 billion in sales.

1. Phoenix

Phoenix’s office investment volume ranked first among the top five Western markets, with $522.8 million in traded assets year-to-date through May. Investors closed 41 transactions involving approximately 3.1 million square feet. Properties sold at an average sale price of $171.7 per square foot.

Phoenix’s sales volume rose 62 percent year-over-year from the same period in 2025, when office deals generated $322.7 million. Additionally, the total square footage sold increased 123 percent and transactions closed jumped 21 percent from a year ago. During the same period of 2025, the metro saw 34 sales, involving nearly 1.4 million square feet.

However, Phoenix office space pricing moved in the opposite direction as of May 2026, falling 27.3 percent from the same period of last year, when properties sold at $236.1 per square foot.

The largest investment in Phoenix is Wentworth Property Co.’s $46.2 million sale of a 148,356-square-foot creative office in Tempe, Ariz. In February, Silver Creek Development acquired the building that is part of the Novus Innovation Corridor, a 355-acre mixed-use development adjacent to Arizona State University.

2. Denver

Denver is the runner-up on our list, with $369.9 million in office sales as of May. A total of 4.1 million square feet sold across 30 deals.

Compared to May 2025, the metro’s dollar volume rose 13 percent, while the square footage marked a 9 percent increase. During that period, 3.8 million square feet traded across 25 sales, generating $327.2 million in Denver.

Office properties sold at $90.5 per square foot on average as of May—a 3.6 percent increase from the $87.4 per square foot value from a year ago.

CP Group’s $47.5 million acquisition of Denver Place, a 34-story tower in the city’s central business district represents the largest office deal in the metro. LBA Realty was the seller of the 891,505-square-foot building that traded in January 2026.

3. Las Vegas

Las Vegas stood out as the third metro on our list with $115.1 million in sales. Investors closed eight deals—an unchanged number from a year ago—involving 328,680 square feet at an average of $350.1 per square foot.

Sales volume increased 27.6 percent from the $90.2 million recorded a year earlier, while square footage traded declined 13.6 percent from the 380,437 square feet recorded during the first five months of 2025.

Las Vegas posted the highest year-over-year increase in average office sale price, up 47.7 percent from $237.10 per square foot in May 2025.

4. Tucson, Ariz.

Tucson, Ariz.’s office sector posted a significant increase in dollar volume year-to-date through May, with three transactions totaling $45.9 million—a 55.9 percent year-over-year gain. During the same period last year, the metro recorded four deals totaling $29.5 million.

In the first five months of 2026, Tucson saw 176,463 square feet changing ownership—32.5 percent lower from the 261,607 square feet of space sold a year ago. The average sale price stood at $260.2 per square foot—a 131 percent year-over-year jump from the $112.6 per square foot average from 2025.

In March, El Rio Health paid $40.1 million for a 94,569-square-foot office building, representing the largest investment in Tucson year-to-date as of May 2026. Meridian sold the property for $423.6 per square foot.

5. Boise, Idaho

Boise, Idaho, rounds out our list. Through May, the metro recorded $34.8 million in office sales across three transactions, an 85.5 percent year-over-year increase. During the same period in 2025, just two sales closed, totaling $18.7 million.

Square footage sold also increased, rising 65 percent year-over-year. As of May 2026, investors traded 179,192 square feet at an average of $194 per square foot, compared to 108,335 square feet at an average of $172.80 per square foot during the same period in 2025.