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.
According to JLL’s Q2 Phoenix Office Insight Report, five new office projects totaling 638,090 square feet broke ground in the second quarter of 2017. One of the five projects is the Camelback Collective, the ±3.62 acre mixed-use project in the prominent Camelback Corridor which will consist of office space and a hotel. This… Read More
Due to the improving economic environment, tenants are finding an increasingly supply-constrained office market in the Greater Phoenix area as there are fewer ideal options to select from. As Class A total vacancy rates decrease and asking rents continue to climb, tenants in search of office space are gravitating towards Class B product. In the second quarter of 2016, Class A office space accounted for only 37 percent of the total… Read More
Phoenix-based company builds on almost 35 years in Phoenix market
Tenant representation experts in the Phoenix office of JLL have completed a corporate headquarters expansion lease for Bar S Foods Co., a Phoenix-based corporation that has operated in the Valley since 1981. The lease brings the Bar S headquarters, located on Phoenix’s Camelback Corridor at 5090… Read More
According to JLL’s 2015 Law Firm Perspective, law firms across the U.S. are warming up to the idea of occupying creative office space. They are even locating outside of traditional CBD’s as rents continue to rise and the availability of quality Class A office space diminishes.
Are these national trends true to the Phoenix market?… Read More
Capital markets activity driving increased rents in Camelback Corridor
Currently at $31.90 on a full service basis, average asking rates across Class Aproperties in the Camelback Corridor submarket have increased 13.4… Read More
Leasing, renovation a powerful combination for Camelback Corridor landmark
The Esplanade is re-asserting its position on the Camelback Corridor with 70,000 square feet in new leases and renewals completed by the Phoenix office of JLL, and a $9 million renovation in the works by MetLife, Inc., owner of The Esplanade buildings I, II, IV and V.
“The Esplanade is the benchmark by which real estate professionals judge the health of the overall office market, and the Camelback Corridor in particular,” said JLL Managing Director John Bonnell, who along with JLL Vice Presidents Brett Abramson and Chris Latvaaho represented MetLife in all lease transactions. “After years of decreasing rents, we can finally say that the Camelback Corridor is back and breathing new life into its best and brightest projects. The entire submarket is booming with tenants wanting dense, amenity rich space and modern options.”… Read More
2014 Phoenix Skyline Report now available
“Game on” seems to be the sentiment of Phoenix office tenants as they continue to bounce back from the recession, albeit with smaller work spaces that must achieve greater efficiencies with a reduced footprint. Suburban office markets—primarily in Tempe, Chandler and the Camelback Corridor—that are close to employees and offer… Read More
The greatest demand for office space in Phoenix continues to be focused in a handful of submarkets that can boast newer and higher-quality product that is surrounded by diverse amenities and a strong labor force. Camelback Corridor, for example, accounted for more than 40 percent of total net absorption in 2013 but only holds… Read More
The Phoenix office market ended the year on a high note with steady absorption gains across the Valley and a subtle drop in vacancy thanks to limited construction completions. Although 2013 closed out in the black, occupancy gains were smaller compared to 2012 as tenants remain cautious about the state of the economy and… Read More