OFFICE INDUSTRY ANALYSIS & TRENDS Goodyear, Arizona 2022 OFFICE MARKET GUIDE – US Census Bureau #9 Fastest Growing U.S. City GOODYEAR ARIZONA
City of Goodyear Office of the Mayor 1900 North Civic Square Goodyear, Arizona 85395 (623) 932-3910 or (800) 872-1749 developgoodyearaz.com
I welcome your consideration of the City of Goodyear, Arizona as the next location for either your Advanced Business Services or Technology business. Goodyear is the 9th Fastest Growing City according to the US Census Bureau, with more people and businesses calling Goodyear home every day. The American dream is thriving in Goodyear, and we want you to be a part of it!
Here are just some of the reasons Goodyear is the perfect place for you and your business:
• 1.3 million educated and skilled employees within a 30-minute drive, including a highly qualified resident workforce
• Ideal location situated along the I-10 freeway between the Loop 101 and Loop 303 freeways
• Convenient regional and international travel in close proximity to Phoenix Sky Harbor International Airport and Phoenix Goodyear Airport
• Multiple options for ground-up development and a strong inventory of existing spaces
• Infrastructure ready as evidenced by five data center companies with six campuses
• Upscale regional destination offering employees desired amenities and recognized as the west valley’s hot spot for attracting many new retail, restaurants, and housing options
• A business-friendly environment and a city that prides ourselves in its business relationships by going to great lengths to accommodate the needs of businesses
• Welcoming community with an excellent quality of life
We are committed to seeing your business succeed, and our Economic Development team is here to help you and show you why Goodyear is where your business needs to be. As you explore the city, you will see firsthand why “You’re in Good Company” when choosing Goodyear. Everyone is filled with confidence that Goodyear is an excellent place for businesses to thrive.
Sincerely,
Joe Pizzillo Mayor, City of Goodyear
Joe Pizzillo Mayor, City of Goodyear
Goodyear City Hall at GSQ
GEN 1 at GSQ
Palm Valley Office Park
Goodyear Professional Plaza
Flite Goodyear
Source: City of Goodyear Development Services | 1 Maricopa Association of Governments (MAG) (10/2022 Draft Estimates) | 2 US Census: 2021 American Community Survey (released 9/22) GOODYEAR BY THE NUMBERS * by number of employees 1. Amazon 2. UPS 3. Macy’s – Bloomingdale’s 4. Chewy.com 5. Abrazo West Campus 6. Cancer Treatment Centers of America –City of Hope 7. Sub-Zero, Wolf, Cove MAJOR EMPLOYERS* 8. Andersen Windows 9. McLane Company 10. AerSale 11. REI 12. Huhtamaki 13. Dick’s Sporting Goods 14. CornellCookson 15. Synder’s of Hanover –Campbell’s Snacks Median Household Income $90,5772 Mean Household Income $103,3872 Median Gross Rent $1,5432 Population 106,0941 Median Age 38.72 Gender 46.6%2 Male 53.4%2 Female Total Housing Units 40,9161 Median Home Value $410,3002 Single-Family Home Permits 7,142 5 years | FY2017-2021 Workforce Population 1.3M age 15 and over within 30-minute drive time Professional Workers 63.6%2 management, business, sales, office 71.2% of the adult population in Goodyear has some college or a college degree. 38%2 Some College/ Associate Degree 33.2%2 Bachelor Degree or Higher EDUCATIONAL ATTAINMENT POPULATION GROWTH 1990-2050 6,258 18,911 65,275 96,789 140,300 192,200 228,600 1990 2000 2010 2020 2030 2040 2050 Actuals and Estimated 8 60 60 10 10 101 303 101 202 85 85 238 347 Sky Harbor Airpor t Phoenix Goodyear Airpor t P hoen i x Good y e a r M E T RO P H OEN I X Scottsdale Tempe Glendale Rail Line Goodyear is only 20 Minutes from Downtown Phoenix Goodyear ARIZONA Phoenix 17 202 Goodyear is a growing hub for Advanced Business Services and Technology. Many companies like Microsoft and Cancer Treatment Centers of America, and Amazon Global Security have invested in growth within Goodyear because of the infrastructure ready sites, low cost of doing business, talented workforce, business friendly environment, and quality of life. DATA CENTERS 1. Compass Datacenters 2. DCX – GYR1 3. Microsoft (Loop 303) 4. Microsoft (Broadway) 5. Stream Data Centers 6. Vantage Data Centers
Regional Amenities NFL Football - Arizona Cardinals MLB Baseball - Arizona Diamondbacks NHL Hockey - Arizona Coyotes NASCAR - Phoenix Raceway NBA Basketball - Phoenix Suns Phoenix Art Museum Phoenix Center for the Arts Arts HQ - West Valley Arts Council Comerica Theatre Celebrity Theatre Skyline Regional Park Spring Training – 15 Cactus League teams White Tank Regional Park Wigwam Resort Phoenix Zoo Wildlife World Zoo, Aquarium & Safari Park Single Family Permits Data / Trends 2021 showed rapid growth with the highest number of single family home construction permits since 2007. HOUSING BY THE NUMBERS Source: Home Builders Association of America City 5 YRS: 2017-2021 Buckeye 13,008 Surprise 9,012 Goodyear 7,200 Peoria 6,812 Avondale 1,877 Glendale 1,513 WEST VALLEY 5-YR SFP TOTALS 2021 Goodyear Single Family Permits 1,799 West Valley Permits Issued 5 years | FY2017-2021 40,000 Households with Families non-single households 80% Multi-Family Residential Growth More than 8,500 multi-family units are on the way, which will bring thousands of new residents to Goodyear. Multi-Family Apartment Units under construction/in process 4,800+ Multi-Family Detached Units under construction/in process 3,400+ Existing Multi-Family Units 4,647 A. GEN 1 at GSQ (near Goodyear City Hall) Existing B. GSQ Land C. W of SWC McDowell & Bullard Land D. SWC McDowell & Sarival Land E. W of SWC McDowell & Sarival Land F. Goodyear Professional Plaza Under Const. G. NEC of I-10 & Bullard Land H. SEC of I-10 & Bullard Land I. S of SWC of I-10 & Bullard Land J. NEC of Van Buren & Bullard Land K. SWC of Van Buren & Bullard Land L. Palm Valley Office Park 1 & 2 Existing M. Goodyear Business Center Existing N. Former Goodyear City Hall Existing O. Flite Goodyear Existing P. Estrella Professional Center Existing Q. W of Estrella Professional Center Land AVAILABLE OFFICE SITES OPPORTUNITIES DE 10 303 85 Goodyear totals 191.2 square miles or 122,369 acres. Red highlight shows area represented in aerial.
#22 in the nation by Money magazine GOODYEAR ARIZONA Best Places to Live A B B C F G H I J K L M N O P Q Goodyear Parks & Entertainment 7 Golf Courses 10+ Hotels Bullard Wash Park Civic Park at GSQ Community Centers Dog Parks Estrella Mountain Regional Park Georgia T. Lord Library Goodyear BMX Raceway Goodyear Ballpark home to Spring Training for Cincinnati Reds and Cleveland Guardians Goodyear Community Park Goodyear Municipal Pool Goodyear Recreation Campus Harkins Theatre Shooter’s World Star Tower at Estrella Trampoline Parks Luxury Housing Options Palm Valley Estrella Litchfield Park & Wigwam Vanderbilt Farms Verrado PebbleCreek Goodyear Amenities • Wide variety of dining, shopping, and entertainment options • 20,000+ acres of recreational parks • 170+ neighborhood parks • 47 miles of hiking & biking trails • InnovationHub for small business and entrepreneur free resources • 200+ medical and healthcare providers
Goodyear is strategically located along the 1-10 commercial corridor, a quick 20-minute drive from downtown Phoenix. The greater metro area is known to be one of the top markets in the nation to locate and expand advanced business services and technology operations.
When compared to markets like San Francisco and Seattle, Greater Phoenix has significantly lower labor costs. Compared to Salt Lake City, Greater Phoenix is competitive on cost while offering a labor pool that is three time larger.
300+ days of sunshine
Phoenix $12,381,155 $2,776,930 $1,582,000 $2,629 $16,742,714 100.00% Salt Lake City $12,573,489 $2,819,118 $1,456,500 $61,150 $16,910,257 101.00%
Austin $13,229,009 $2,982,147 $1,897,000 $111,333 $18,219,489 108.80% Dallas-Fort Worth $13,562,088 $3,056,118 $1,611,000 $135,144 $18,364,350 109.70%
Denver $14,088,253 $3,172,222 $1,641,500 $111,508 $19,013,483 113.60%
Seattle $14,829,887 $3,382,134 $1,819,500 $44,332 $20,075,853 119.90%
Los Angeles $14,351,096 $3,256,225 $3,000,000 $58,550 $20,665,871 123.40%
San Francisco $16,514,575 $3,740,857 $3,696,000 $59,000 $24,010,432 143.40%
Source: Greater Phoenix Economic Council (GPEC) August 2022 Operating Cost Analysis
Easy access to Phoenix Sky Harbor International Airport & Phoenix Goodyear Airport
Sixth largest finance and insurance sector in the nation (Greater Phoenix area)
Low operating costs
Phoenix’s West Valley professional
costs are roughly on
average. This compares to markets
and Los Angeles, where the
are 10.3% and 15% above the
Consistent and reliable high capacity fiber network
Highly specialized workforce
Labor pool larger than many competing markets
COST OF LIVING COMPARISON
Metro Composite Index Dallas, TX 101.2%
Austin, TX 101.8%
Phoenix, AZ 104.2%
Denver, CO 110.0%
Salt Lake City, UT 110.5% Seattle, WA 150.7%
Los Angeles, CA 151.9%
San Francisco, CA 184.2%
Source: GPEC August 2022 Lightcast
WHY CHOOSE GOODYEAR?
Metro Employee Payroll Benefits Real Estate Property Tax Total Operating Cost Index
ANNUAL OPERATING COST - ADVANCED BUSINESS SERVICES & TECHNOLOGY SALT LAKE CITY $24.60 $46,904 RENT SCALE Most Expensive ($60+ PSF) Least Expensive ($20+ PSF) Average Annual Wage Source: Greater Phoenix Economic Council (GPEC) August 2022 (Bureau of Labor Statistics, 2021 Occupational Employment Estimates; Costar Q2 2022) Average Asking Rents DENVER $29.16 $49,213 DALLAS $28.68 $45,469 AUSTIN $43.80 $46,800 GREATER PHOENIX $27.96 $45,573 LOS ANGELES $41.88 $47,570 SAN FRANCISCO $62.04 $62,005 SEATTLE $38.52 $60,237 COST OF DOING BUSINESS COMPARISON OF MAJOR ECONOMIC HUBS
service
pace with the national
like Denver
same labor costs
national average. 42% than neighboring California GOODYEAR ARIZONA less operating costs up to
CLASS A OFFICE SPACE GROWING WITH GOODYEAR
GSQ introduces a modern, forward-thinking destination that grows with Goodyear. Featuring a two-acre civic park surrounded by GEN 1, a class A office building with four-level parking structure and Goodyear City Hall and Library.
GEN 1 at GSQ is an exceptional location to absorb both new-to-market and expansion of existing industry clusters in finance, insurance, and technology. The 103,629 square-foot upscale office space features:
• Concrete Construction
• Three Floors, Three Stairwells, Two Elevators
• Partial Floor to Ceiling Glass
• ±15’ to ±18’ Floor to Deck Ceilings, ±10’ Finished Ceilings
• 5/1000 SF Parking Ratio in adjacent Multi-Level Parking Structure
• Building and Monument Signage available
• Convenient Access to Highways with three Full Diamond Interchanges nearby
• Views overlooking Civic Park, Goodyear City Hall, and Georgia T. Lord Library
• Growing shopping, dining, and entertainment district to include: Harkins Theatres, Cheddar’s Scratch Kitchen, BJ’s Restaurant & Brewhouse, Noodles & Company, and much more on the way including The Stillery!
GEN 1 Signage GEN 1 Grand Entrance GEN 1 Lobby GEN 1 at GSQ
1900 N. Civic Square, Goodyear, AZ 85395 | 623-932-3025 | gyecdev@goodyearaz.gov Visit our Economic Development website developgoodyearaz.com What’s That? Find out on our Development Map developgoodyearaz.com/get-connected/development-map For business announcements visit our Biz Buzz page developgoodyearaz.com/get-connected/biz-buzz Follow, Like, and Retweet our posts on Twitter @GoodyearAZecdev Follow, Like, and Share our posts on LinkedIn City of Goodyear Business News
