Office Space Surges in Phoenix
Phoenix's commercial real estate market is on the rise.
In 2106, over 3.14 million square feet of office space was leased. According to the JLL commercial real estate firm, this is the second hottest market in the United States. Chicago claimed the title of number one, by just under 14,000 square feet.
Phoenix leased more office space than larger markets including; Seattle, Los Angeles, Silicon Valley and Boston, reinforcing the Realtor.com 2017 housing forecast, which named the Valley the number one metro for sales growth.
Phoenix still has far cheaper office rents than most coastal cities and saw more leasing activity last year. This year looks to be no different, as more and more people flock to live in our beautiful climate.
The most popular areas for office leases were:
Tempe
What makes this area so attractive?
According to David Genovese “Obviously, water is a rare commodity in the desert and even more scarce as an amenity to an urban neighborhood like Tempe,” Genovese said. “The ‘lake’ is situated next to one of the largest universities in the country, making it accessible to a large, vibrant young workforce and energetic population. Additionally, the lake provides a unique landscape and views for the surrounding office buildings, and it’s conveniently located to the airport and freeways.”
Scottsdale
Experience the luxury of Scottsdale
These offices are situated in the heart of Scottsdale, located west of the AZ 101 Loop Freeway, between Fashion Square and Old Town Scottsdale. Offices at the waterfront provide picture-perfect views of the surrounding mountains and walkable access to nearby restaurants and shopping. For those offices hosting out-of-town visitors this is the perfect place to be. In fact, Givepad has an office located on the waterfront, next to Olive and Ivy.
Chandler
What makes the Price Road Corridor special?
According to AZ Central- The Price Road Corridor, Chandler's widely celebrated employment district where the Loop 101 and Loop 202 freeways intersect, includes corporate heavyweights like Intel, Orbital ATK and PayPal.
Nearly one-third of the 32,000 jobs in the area are in high-tech manufacturing and development, and about 17 percent of employees work in engineering, research and design, according to MAG data.
For more information about commercial real estate in the Phoenix Metro Area
Contact:
Zillow Premier Agent
Michael Johnson
480.229.0123
