Last week, Freedom Financial Network opened its newest office in Tempe at Rio 2100. The first of two 150,000 square foot offices completed will help the company consolidate several offices and grow within the Phoenix market.
The grand opening celebration was a joyous moment for JLL’s tenant representation specialists Pat Williams and Gregg Walker, and project manager Derek Ruterman who helped Freedom Financial find and build their new home.
In addition to the Phoenix office leasing marketing reaching its nineteenth straight quarter of positive office absorption, the office sales market also performed well with 18 sales totaling $293 million. The average price per square foot of these transactions was $139.07 with an average cap rate of 7.17%.
The JLL family welcomes Chris Beall and Brendan Satran to the Phoenix office as new associate brokers. Chris Beall has partnered with John Bonnell, Chris Latvaaho and Brett Abramson. He specializes in agency representation for office properties. Brendan Satran has partnered with Steve Larsen and Bill Honsaker. He specializes in tenant and agency representation for industrial properties. We sat down with them to get to know them better.
We are proud to recognize these outstanding professionals for their commitment to developing enduring client relationships built on excellent service, collaboration and trust. Their collaborative efforts to make sure their clients achieved their goals are truly a representation of our culture at JLL.
Metro Phoenix recorded 2.1 million total square feet of office absorption in 2017. This marks the fourth straight calendar year with at least 2.0 million square feet of positive absorption gains, the longest streak of its kind ever recorded in the Phoenix office market. The total also ranks Phoenix as the fourth highest market with absorption gains in the United States. Phoenix ranks behind… Read More
For years, the Phoenix tech industry has been driven by heavy activity in Scottsdale and Tempe, particularly South Scottsdale and Downtown Tempe. The live-work-play concept of these areas continue to lure the young professionals many tech companies recruit.
However, Downtown Phoenix has recently emerged as another popular submarket to evaluate,… Read More
The growing momentum in the global economy has forged a new path for the law firm real estate market. With more than 65 million square feet of new office supply under construction in just the U.S. alone, law firms are finding myriad choices for both location and space that’s… Read More
JLL Chief Economist Ryan Severino recently visited Phoenix to present his views on today’s U.S. economy and the impact national conditions may have on the Phoenix commercial real estate market. Here are his top 4 takeaways.
1.Goldilocks economy should continue, with the potential for upside depending upon policy.
There was nearly 1.5 million square feet of new office under construction in Metro Phoenix at the close of the third quarter 2017. Over half of the new construction is pre-leased, occurring mostly in build-to-suit projects. The majority of development in the Valley is located in the Southeast Market Area, totaling 960,548 square feet.