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.
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
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
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.
With absorption surpassing 12.6 million square feet and only 8.8… Read More
From New York to Chicago and here in Phoenix, creative companies have traditionally flocked to nonconventional, creative spaces located off the beaten bath. Not so much anymore, according to JLL’s newest Skyline Report. With the lack of creative space in unique and eclectic neighborhoods across the country, technology, advertising, media and information companies… Read More
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
The Downtown submarket saw 122,220 square feet of redeveloped office space delivered in the fourth quarter of 2016, marking the first time new inventory has been added to the submarket since 2010.
Situated in the fast-growing Warehouse District, 515 East Grant… Read More
For the third year in a row, our team members took time to enjoy life outside of the office with a family day. Held at the McCormick-Stillman Railroad Park in Scottsdale, employees were encouraged to bring spouses, kids and pets for a day of food and fun activities including a bouncy house, face painter and train rides. Click through the slideshow below to view photos of the entertaining day.
Total vacancy in Metro Phoenix decreased to 19.7 percent in the third quarter of 2016, down 240 basis points from one year prior and down 840 basis points from the recessionary peak of 28.1 percent set in 2011. This marks the first time since the recession that the vacancy rate has been under 20 percent, signaling continued improvement in the Phoenix office market.
Since 2011, more than 9.7 million square feet of office space has been absorbed, outpacing nearly 6.0 million square feet of new deliveries. Overall vacancy is expected to decline in 2017 as employers expand and relocate to the Valley.
Phoenix is experiencing a much more diverse recovery during this economic… Read More