Last week, we talked about Phoenix’s Central Business District (CBD) and all the challenges that office building owners face in these submarkets. Today, we go to the shining star over the last 20 years: Scottsdale. Scottsdale is known as one of the most livable cities in America. Click here to find out why!
While it’s a great place to live, is it also a great place to work? The short answer is, yes! Fabulous, in fact. (Click here to read more!) Over the last 20 years, the Scottsdale office market has thrived so much.
Look at the numbers below to see why we like Scottsdale today and into the future.
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Interesting Information:
- In 20 years, inventory SF has increased 62.26%. Of the 10 largest submarkets, Scottsdale had the largest increase in square footage from 2004-2023 and will continue to attract businesses in the next decade.
- Net absorption was positive for 16 of the 20 years in Scottsdale. For 5 years, this market dominated almost 50% of ALL absorption in the entire valley. We see this continuing into the next decade. Simply put: Scottsdale will continue to be the place to be.
Conclusion:
Scottsdale has been, and will be, a great place for office space. The primary reasons are proximity to decision-makers, quality space surrounded by great amenities, and a fabulous city to live, work and play in. Scottsdale has one of the highest concentrations of high-level professional services firms and tons of executive housing. Scottsdale Airpark is an amazing employment driver as well, helping this great submarket receive national brand recognition.
