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Scottsdale Airpark: Coming from Bottom

SCOTTSDALE, AZ-This 3,000-acre submarket, zoned for office, light industrial, retail, aviation and hospitality, was hard-hit by the recession. But Colliers Jim Keeley tells GlobeSt.com there's improvement.

By Amy Wolff Sorter | Updated on April 22, 2013

SCOTTSDALE, AZ-Though much of the Phoenix region was hard-hit in the wake of the subprime housing collapse and Great Recession, one especially struggling submarket was the Scottsdale Airpark. Bounded by Loop 101 and Thunderbird Road on the north and south, with 64th Street and 90th Street-96th Street representing the west and east boundaries respectively, the submarket consists of 3,300 acres and contains 33.9 million square feet of commercial real estate space consisting of office, light industrial retail and aviation buildings, as well as hospitality properties.

Approximately 2,848 companies make their home in Scottsdale Airpark, with 52,000 people employed there. And, as Jim Keeley, founding partner of Colliers International’s Scottsdale office points out, job loss in the white-collar industry impacted Scottsdale Airpark’s office sector in a huge way. “There had been more square footage added in the 2000s – there was huge momentum to build between 2005 and 2007,” he tells GlobeSt.com. “But the time the newer, bigger projects were finishing up in 2008, the recession hit.” Though the industrial sector in the submarket was also effected, it didn’t take as bad a hit as its office counterpart.

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