Office real estate is abundant throughout Phoenix. The downtown corridor has an impressive variety from sky-rises, medical offices and more recently – mixed-use developments. An estimated $4 billion has been invested into improving the area. However, whether downtown Phoenix trumps the rest of the valley depends on some other factors.
Here are some things to consider before settling on any location and buying office real estate:
- Do you have the capital to pay for office real estate up front? How does downtown Phoenix compare cost-wise to other properties in the metro area?
- Do you have plans to relocate an existing business(es) in which the employer(s)/employees are currently satisfied with their location? This is important, because no matter how modern or updated the new property you are considering is, you may risk losing multiple renters in the process. In turn, creating more work for you.
- Not all office real estate is created equal. Some may require additional updates, so you have a competitive advantage in the marketplace.
- Is a downtown Phoenix location easily accessible for you? As the owner of the building you are expected to be available during hours of operation. If you reside in the East Valley, for example, you should consider if the drive to downtown Phoenix is a reasonable commute.
Downtown Phoenix serves a dynamic mix of professionals, college students, artists and tourists year-round. It really is an exciting location to do business. It may be the perfect location to invest in office real estate. Do your research and choose wisely.
Whether you choose a Downtown location or elsewhere in the valley, our experienced agents at the Menlo Group Commercial Real Estate can help you determine which property is right for you. If you have any questions about office real estate in any part of the Phoenix metro area, don’t hesitate to contact us. We can be reached at 480.659.1777 or by email at firstname.lastname@example.org.