2019 Commercial Real Estate
As part of our service to our readers, our editorial staff has invited these top commercial real estate companies to provide information on themselves, their expertise and details relating to their business in this Commercial Real Estate: Spotlight on the Best special section. The real estate market is improving and these companies are proven leaders in the Valley.
Phoenix’s Airport office submarket is quickly filling with new and expanding tenants, pushing vacancy rates down 9.3 percent year-over-year and inching rental rates up, according to data from JLL’s Q4 Phoenix Office Market Report. According to JLL, overall vacancy in the Airport submarket in 2018 fell from 32.7 percent to 23.4 percent. During the same time period, submarket rents climbed from $19.63 to $21.95 per-square-foot. “The Airport submarket is a very attractive alternative for tenants to consider when locating their operations,” says JLL Managing Director Mark Gustin. “It has a central location that is close to the amenities of downtown Tempe and Phoenix, and is crisscrossed by three major freeways that connect tenants to a large base of prospective employees — over 2.6 … [More]
According to JLL’s Q1 Phoenix Office Market Report, metro Phoenix has absorbed more than 1 million square feet of office space since the first of the year — a quarterly high not seen in more than 10 years. This is already massively ahead of 2018, which, though a notable year for local office space, recorded 1.7 million square feet in total absorption for the full 12 months. “The continued positive absorption numbers and growth in metro Phoenix is obviously very exciting. We are optimistic that more job creation in all types of industries will continue here and are optimistic for a continued strong 2019,” says JLL Senior Managing Director Pat Williams. During Q1, 900,000 square feet in new Phoenix office leases were completed and 78 additional tenants are collectively looking for … [More]
Spotlight on the Best
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