Absorption in Phoenix office and industrial markets projected to set all-time records

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As the commercial real estate market in Metro Phoenix continues to climb slowly and steadily, the industrial market is projected to hit all-time absorption records by the end of 2017 while the office market is expected to surpass 2.0 million square feet for the fourth year in a row, according to our recently published Q3 Insight reports.

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Southeast Market Area is home to the majority of new office construction in Metro Phoenix

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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.

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JLL completes corporate HQ lease renewal for ICM Document Solutions

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Phoenix-based company builds on almost 30 years in Phoenix market

Tenant representation experts in the Phoenix office of JLL have completed a corporate headquarters renewal lease for ICM Document Solutions, a Phoenix-based corporation that has operated in the Valley since 1988. The lease renewed the company’s 15,920 square foot headquarters located within Phoenix’s Cotton Center business park at 4320 E. Cotton Center Boulevard.

JLL Vice President Trevor Pratt and Managing Director John Pierson… Read More

Phoenix multifamily led secondary market activity in Q2 2017

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Optima Kierland

The significant decline of transactions in primary markets has sustained strong liquidity in secondary and even tertiary markets. As a result, secondary markets comprised 44.6 percent of total multifamily transaction volumes at midyear, a record for this indicator if analyzing the past nearly two decades. Phoenix and Denver led… Read More

Phoenix industrial vacancy approaches pre-recessionary low

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There have been no signs of a slowdown as the market continues to record strong absorption gains, consistent rent growth and healthy development activity. This year is on pace to record over 8.8 million square feet of positive absorption, marking the eighth consecutive year of positive absorption gains.

During the previous cycle,… Read More

Labor shortage increases costs of Phoenix contractors, engineers and architects

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Construction activity is robust in the Phoenix market, and is expected to continue through at least the first half of 2018 based on current forecasts. Office, industrial and multifamily development is at an all-time high, and there are many new ground-up, build-to-suit projects underway throughout the… Read More

Phoenix office rents increase to highest level in nine years

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Office rental rates in the Phoenix market increased to $25.21 per square foot in the second quarter, quickly approaching the previous peak of $26.82 per square foot set in 2007.

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With absorption surpassing 12.6 million square feet and only 8.8… Read More

Deadlines to appeal property taxes is fast approaching

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As the real estate market continues to appreciate in value, commercial real estate owners are advised to review and, if prudent, appeal property tax assessments. Counties in Arizona, Utah and California have or will be issuing assessment notices and hearing appeals in the fall providing an opportunity for commercial… Read More

No. 1 office trend in commercial real estate: identifying your culture

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Earlier this week, JLL’s office tenant representation specialist Matthew Coxhead participated in an Arizona Tech Council Lunch & Learn panel discussing office trends in commercial real estate. Hosted at the Zenefits office in Downtown Tempe, Matthew was joined by:

  • Josh Thompson, Project Manager at Ware Malcomb
  • Aliesha Nichter, New Business Development
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Championship sporting events generate $1.3 billion economic impact in Metro Phoenix

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Major sports events held at the University of Phoenix Stadium have created an overall economic impact of more than $1.3 billion over the past three years. The most recent event, the 2017 NCAA Final Four, generated $324.5 million for the Phoenix economy. Over the four day weekend, more than… Read More