Commercial Real Estate

Sales & Leasing – Commercial, Industrial, Office, Land

Specializing in the Greater Deer Valley Airpark

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COMMERCIAL REAL ESTATE

LOOKS CAN BE DECEIVING By Chris Keeley you could buy one of those condos Phoenix Commercial Brokers for half their original sales price. The

Clients will often contact us those down years. Dozens of these to say; “I’m looking for this condos remained vacant and availtype of property or this type able at incredible discount pricing. of space, can we go look at some?” Today there are only four, and they Often times my answer is “There are no longer discounted. are no more spaces or properties You might recall the introduction of the industrial condo that flooded the industrial markets in 2005 and 2006. Deer Valley had a dozen or more projects with hundreds and hundreds of condos presented to the market at that time. Many projects sold out before they were completed they were so popular. The average size was 3,000 square feet, some with yards and most without. They flew off the shelves almost as fast as you could build them. Those small companies that were contributing and sharing in the boom were investing in these condos. Then starting in 2008, hundreds of these companies went bankrupt when the economy tanked and many of those condos went back to the banks. For years problem was there were no buyers in currently available in Deer Valley From 2006 to 2008 there was so Airpark that fit your requirement.” much new construction in Deer Which receives this response; “That’s Valley you would have thought we impossible. I’ve driven around here were Las Vegas in the 60’s, with and there’s signs everywhere…there cranes everywhere, and every size has to be something.” and shape of new buildings under construction. Businesses were growI admit that it looks like there is so ing and the 10,000 to 25,000 square much available space, buildings and foot requirements were selling like signs everywhere, however, the truth crazy, most being constructed for is we are now very limited in our spec. After 2008 the only buildings inventory in the airpark. being built were for those very, very A few short years ago there was an Deer Valley Airpark. No new indusabundance of any and every type trial condos and no new 10,000 to of property and space available in 25,000 square foot spec buildings. the airpark. It is amazing to me, Some of those condo developers once the economy started to turn, got caught in their timing and lost how quickly the available inventory everything. Most businesses were disappeared. Deer Valley Airpark shrinking not growing. And if you has long been known for its surplus needed to grow smaller there was of industrial space with yards. It is plenty of inventory to choose from. a requirement that remains in de- Banks weren’t very inclined to lend mand today but this type of space is either during the down years, so real almost completely out of existence in estate collapsed from every angle at today’s market. that time.

few build to suits and almost none in Moving forward to 2018 and it may look like 2008 again with business thriving and new construction happening all over Deer Valley. But rest assured our inventory has not stayed ahead of demand. There are less than six buildings for sale between 10,000 to 25,000 square feet and only one of those is new construction.

People are stunned when I tell them what they’re looking for is not available currently in this market. There are many new projects with available lease space in Deer Valley offering varying square footage for tenants but there are actually very little available buildings or condos for purchase and almost nothing with yards. Looks can be deceiving.