Author Archives: JLL Phoenix

Market tightening as vacancy falls, rents increase – JLL Q4 2015 Industrial Reports

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Industrial InsightStrong absorption, lots of activity in the Gilbert submarket
The Gilbert submarket, situated at the far end of the Southeast Valley, is the fifth-largest submarket in Metro Phoenix. Despite its modest inventory of 16.5 million square feet, Gilbert recorded 815,336 square feet of positive absorption in 2015, easily outpacing submarkets more than twice its size. While 52 percent of the submarket’s absorption gains… Read More

Largest absorption gains in Phoenix since recession – Q4 2015 Office Reports just released

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Q4 Insight pic

Click on image to view full Office Insight report.

Central Business District encouraging tech migration with redevelopments
Despite having many of the live-work-play elements that attract tech companies and the millennials that often make up their workforce, the CBD has not attracted nearly as many of the tech companies that have propelled the economies of suburban submarkets in… Read More

$7M JLL Hangar Sale Shows Phoenix Aerospace is Flying High

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Hangers-300x300Anticipates strong demand for Gateway building

The Phoenix office of JLL has closed the $7 million sale of The Hangars at 5615, a major, state-of-the-art office and hangar facility with direct runway access to Phoenix Mesa-Gateway Airport, the hub of Phoenix’s up-and-coming aerospace corridor.

Although the property is currently 100 percent vacant, it is being acquired by an investor with an expected commitment for approximately half of the space.

“At 73,826 square feet, this is one of the largest hangar facilities on the West Coast,” said JLL Managing Director Bill Honsaker. “The Hangars’ new owners have had strong tenant interest from the very beginning of this process, and we expect that interest to continue as they lease out the building. The unique amenities of this project, the growth of Phoenix-Mesa Gateway Airport and the growth of Arizona’s aerospace sector as a whole have put them in a great position.”

Honsaker, along with JLL colleagues Steve Larsen, Riley Gilbert, Tom Turley and Jordan Kissel, represented the property seller in the transaction. CRESA represented the property buyer, Southwest Jet Center.… Read More

Phoenix employment update: February 2015

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Slide 1Phoenix 12-month job growth ended the year in the December on a very positive note, adding over 49,000 jobs to the Valley.

Unsurprisingly, Professional and Business Services came in first, adding 18,328 new jobs over the last 12 months. Education and Health Services also continued its consistent growth, adding 12,726 new jobs. Another consistent theme seems to be the continued under-performing Construction and Manufacturing sectors which have lost 3,600 job cumulatively over the last year.… Read More

Chart of the week: The real sports center

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COW_Phoenix_January-26

Phoenix has received a large boost in tourism this month thanks to large sporting events across the Valley. In addition to the annual Waste Management Open, which was attended by a record 190,000 in a single day last year, the Pro Bowl, Super Bowl and associated events have made the Valley of the Sun the center of the sports world this week.… Read More

Chart of the week: Moving the industrial market

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COW_Phoenix_January 19BLOG

Despite growing small and mid-sized users, larger industrial properties have made up the majority of absorption gains in Phoenix since 2006.

Click here for more market insight on our Phoenix research group web page: Phoenix – Research

Click to tweet: Large industrial buildings account for the greatest net absorption gains. See more in #JLL’s #ChartoftheWeek http://bit.ly/1yUi6ry

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Chart of the Week: Phoenix office investment hotspots

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COW_Phoenix_January 12 BLOG

Improving economic conditions across the Phoenix metro have reinvigorated investor interest in the Valley’s office product. Not surprisingly, the top submarkets for investor activity are also submarkets that boast some of the lowest vacancy rates and highest demand in the Valley.

Click here for more market insight on our Phoenix research group web… Read More

Chart of the Week: Shifting economic landscape in Phoenix

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COW_Phoenix_January 5Phoenix has been mistakenly classified as a construction- and real estate-intensive metro by many, when in fact the economy is very diverse relative to other metros and states. Despite trade, transportation and utilities as well as professional and business services being the primary employment sectors, education and health services has grown over… Read More

Phoenix employment update: December 2014

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December Employment Update

As of December, Phoenix 12-month job growth has accelerated to 2.9 percent. The Valley added 53,536 new jobs to maintain its consistent growth.

Professional and Business Services has become the fastest growing sector in Phoenix, adding 14,226 new jobs over the last 12 months. Education and Health Services continued its consistent growth, adding 12,287 new jobs.… Read More