PHOENIX—The East Valley, Scottsdale and the Camelback Corridor are attracting tech companies driving spec office development. The West Valley is known for its hot industrial space, both spec and built-to-suit, with a strategic location and land to spare. With droves of corporate relocations to the Phoenix Metro area, how is this impacting development initiatives? Phoenix developers will break down current projects and what's next in the development pipeline on the panel, Development: East Valley, West Valley and Beyond. Mark Singerman, vice president and regional director, Arizona, Rockefeller Group Development Corporation, will be sitting on the panel to probe some of these issues.
Joining Singerman on the panel will be Orion Alcalay, executive vice president of due diligence services at AEI Consultants and Fred Stiles, regional director of EJM Development.
Singerman's focus is the East Valley, an area where he holds a vast amount of experience.
“It's been a healthy market for certain product types,” Singerman tells GlobeSt.com, “office and light industrial among them.”
The big story in the East Valley is how projects are moving farther and farther east as the Price Corridor became filled. Then the Chandler Airport area became hot—Nationwide has a 300-acre project they are building on.
“The East Valley is starting to fill in,” says Singerman. “The trend is toward east Chandler and Gilbert where users are finding interest in small to medium spaces. The 10,000 to 15,000-square-foot users are finally jumping off the fence. It's not a robust trend, but we are seeing it. Hopefully we'll see those users take up those noncontiguous spaces.
“We've also got a steady flow of companies moving here from out of state. It used to be just from California, but now it's from all over. We have a strategic location between Texas and California and our fundamentals are strong.”
Regarding the West Valley, Singerman says: “The Southwest Valley has gone from having almost no space to having three million square feet. We now have a healthy supply. It looks bad for vacancy, but it's good for attracting business; that space will get absorbed. There aren't many developable pieces of land. I think you'll see a pushing out toward Glendale and Avondale.”
RealShare Metro Phoenix and RealShare Healthcare Real Estate will be held December 15-16 at The Phoenician in Scottsdale. Registration for RealShare Metro Phoenix and RealShare Healthcare is available via these links.
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