Corporate real estate here in the Phoenix area is a hot topic lately. This is due, in part, to the decline in unemployment to 5.4 percent in March and projected job growth for the coming year. According to the Arizona Department of Administration, an increase in jobs for the private sector totaled 12,300. The following also saw gains:
- Financial Activities – 1,800 jobs
- Education and Health Services – 2,300 jobs
- Information – 300 jobs
- Construction – 2,000 jobs
- Other Services – 400 jobs
Over the last year, the Private Sector accounted for 86,000 jobs, Professional and Business Services added 17, 300 jobs and Financial Activities added 13,400 jobs. These were among the largest gains.
It makes sense that, in light of this growth, investors and landlords are looking to expand their corporate real estate space. Currently, the East Valley cities of Tempe, Mesa and Chandler are seeing the largest waves of office development. Tempe leads in growth of corporate real estate space. This is because of its central location to major freeways, Sky Harbor International Airport and the popularity of the Rio Salado Parkway stretch between McClintock and Priest. Mesa closely follows Tempe as a top location for corporate real estate as a result of the coming light rail to its downtown and the available office opportunities in that area. Not to be overlooked, the City of Chandler ranks with investors, too. It has some attractive projects under way and a high-quality labor pool, according to Michah Miranda, the economic development director. There is strong corporate interest in Chandler, particularly within the tech fields. As well, Chandler’s downtown district is experiencing a renaissance with revitalized office space, the opening of trendy eateries and a vibrant, historic atmosphere.
Overall, there is evidence of a vital Phoenix market with the decreasing vacancy rates. It’s an exciting time to do business here! If you would like to learn more, contact us at the Menlo Group. We are here to help answer any questions you have about your corporate real estate options. We are dedicated to helping you make the best buying/selling decisions. You can reach us at 480.659.1777 or by email – firstname.lastname@example.org We look forward to partnering with you.