Page 55

2019 Q1 Office Insight construction and expected to start delivery in the coming quarters. Year-to-date office sales activity decreased just slightly to approximately $172 million, but with the same wide range of buyers interested in investing in Phoenix’s strong fundamentals. “Collectively, these fundamentals reflect a still very strong market. We expect that momentum to continue, delivering opportunity to our clients throughout the remainder of 2019,” says Williams.

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 than 4.6 million square feet of space. As Q1 absorption figures increased, vacancy dropped by nine basis points in the first quarter, creating the lowest vacancy rate Phoenix has seen since the second quarter of 2008. That creates a good backdrop for the approximately 2 million square feet of new office product under

Mo unt ai

ve

Ca

Pima Rd

Forest Rd well Rd

McDowell

Blvd

ntain

Saguaro Blvd

Hills

Fort McDo

Mountain

Rd

9

Main St Broadway Rd Southern Ave

Chandler Blvd Pecos Rd

4

Sosaman Rd

Power Rd

Greenfield Rd

Val Vis Dr

Gilbert Rd

Lindsay Rd

Stapley Dr

60

Ellsworth Rd

McClintock Rd

Rural Rd

Kyrene Rd

56th St

Ray Rd

McQueen Rd

Elliot Rd

Arizona Ave

Guadalupe Rd

Alma School Rd

19

47th St 40th St

32nd St

University Rd

Reckert Rd

101

10

Brown Rd

Higley Rd

Mill Ave

Apache Blvd

Country Club Dr

20

Center St Mesa Dr

McKellips Rd

21

24th St

D

Pkwy hils

d

R ns

oh

.J

St

* MAP NOT TO SCALE

Fou

Thomas Rd McDowell Rd

Warner Rd

es

Palisades Sunridge Dr

87

Curry Rd

Estrella Dr Foot ert

hH

Bus

Based on information provided by DTZ

Hawes Rd

64th St

56th St

15

16

2

ElliotRd

104th St

Miller Rd

64th St

Scottsdale Rd

56th St

Tatum Blvd 40th St

1

Sky Harbor Int’l Airport

32nd St

24th St

19th Ave

27th Ave

7th Ave

Central Ave

Es

DobbinsRd

35th Ave

43rd Ave

Baseline Rd

16th St

17

Lower Buckeye Rd 51st Ave

Avondale Blvd

11

7

92nd St

64th St

Rd ek Cre 32nd St

McDowell Rd

Pima Rd

Tom Darlington Dr

32nd St

24th St

16th St

6

44th St

59th Ave

67th Ave

75th Ave

83rd Ave

91st Ave

99th Ave

107th Ave

Thomas Rd

Van Buren St

Indian Springs Rd

Chaparral Rd

3

Buckeye Rd

Broadway Rd

McDonald Dr

Priest Dr

Camelback Rd

Bullard Ave

Pebble Creek Pkwy

wy Pk

ve

Bethany Home Rd

22

Indian Bend Rd

Lincoln Dr

tre l

la

Ca

51

e Av

195 Ave

Shea Blvd

40th St

El Mirage Rd

Dysart Rd

Litchfield Rd

Sarival Ave

Northern Ave

7th St

Bullard Ave

Reems Rd

Bob Stump Memorial Pkwy

8 Glendale Ave

nd

Jackrabbit Tr

Cactus Rd

Dunlap Ave

Olive Ave

ra

Elliot Rd

17

17

G

oat Rd

7th St

12

Peoria Ave

Indian School Rd

Yuma Rd

7th Ave

16th St

115th Ave

B e bb l

Del W

Thunderbird Rd

d

vd

Greenway Rd

101 Luke AFB

o Blv

Bl

Conquistador Dr

North Valley Pkwy Norterra Pkwy

Rd leas Lak

163rd Ave

Sunrise B lvd

Bell Rd

Cactus Rd

303

May

gle

Waddell Rd

Cotton Ln

vd

13

101

Ea

wy

5 Union Hills Dr

n

Pk

Pinnacle Peak Rd

Deer Valley Rd

lde

y

Happy Valley Rd

Pinnacle Peak Rd

44th Street Corridor Airport Area Camelback Corridor Chandler/Gilbert Deer Valley Airport Downtown North Downtown SouthRio Verde Dr Glendale Mesa Downtown Mesa East Midtown Northwest Phoenix North Phoenix/Desert Ridge Scottsdale Airpark Scottsdale North Scottsdale South Squaw Peak Corridor Sun City Superstition Corridor Tempe Tempe South/Chandler West Phoenix Go

1 2 3 4 5 Lone Mountain Rd 6 Dixileta Dr 7 Dynamite Blvd 8 9 10 Tho mps on P 11 eak Pkw y 12 13 14 Bell Rd 14 ay Fr 15 enw an Gre den Lp k Ll Raintree Rd Hay oy 16 d W rig 17 ht Bl vd 18 19 nda 20 Via Li 21 Via de Ventura 22

Joy Ranch Rd

Beardsley Rd

Beardsley Rd

le

wy Pk

18

g

in

eP

vd

Bl Happy Valley Rd

ust Blv Stard d

Va l

e

ia

nc

ant

ta

s Vi

60

74 stw

Rd

SUBMARKETS

Desert Hills Dr

Cloud Rd

W

tt D rtle Ba jll.com

Rd

y

is D a Merdian Dr

ek

Cre

Dobson Rd

th e

Galvin Peak Pkwy

Information provided by JLL

nD r

An

m Way

am

Hayden Rd

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

Williams Field Rd Pecos Rd Germann Rd Queen Creek Rd

Ri

tte

nh

ou

se

Rd

Profile for InMedia

May 2019 Issues of In Business Magazine  

May 2019 Issues of In Business Magazine