The Arizona office real estate market has seen unprecedented changes and challenges this year. Although the pandemic has altered the way many companies are operating, there are indications that commercial office space in the West Valley will be in demand. Here is more on the future of commercial office space in the West Valley.
West Valley Cities Class-A Forum
Recently, West Valley investors and developers reportedly gathered for a Class-A Office Forum to discuss the future for the cities that make up this part of Arizona. The forum included representatives from the cities of Avondale, Goodyear, Phoenix, and Surprise. Each community was given an opportunity to present information highlighting the benefits they could offer and their Class-A office opportunities. This was a chance for the cities to provide information to potential investors about the community’s quality of life, job opportunities, and other living amenities and features. The forum was reportedly ?met with positive feedback and increased interest.? ?According to its organizers, although the cities are in competition with one another, these communities also came together in support of the West Valley.
West Valley Employment
According to a recent report, there are several trained and skilled workers located in the West Valley who are ready to get to work. ?Many members of the labor force in the West Valley have the technological skills and training needed by incoming employers. Further, several of these workers reside within close proximity to the commute shed near the cities’ interstates and highways. Employers who are developing in these areas will be able to find excellent local talent. Potential employees are also looking for opportunities closer to their home communities rather than having to travel into Phoenix.
West Valley Industrial Growth
The West Valley?s dense population, thriving industrial market, and close proximity to Los Angeles, make it a key area for future economic growth and commercial expansion. A historical review of the West Valley?s spec office space reveals that since 2018, 67% of these properties have been leased. The Loop 303 Corridor has continued to grow, with several significant employers joining its industrial expansion. Just recently, Amazon acquired property west of Loop 303 in Goodyear, where it will join Stream Data Centers, Red Bull, Ball Corporation, Microsoft, Compass Data Centers, and others who are expanding into this industrial center.
Additionally, places such as Glendale are seeing new mixed-use projects such as Glen91that will offer office as well as residential space for tenants. The G303 Project, also called West 303, is getting ready to move into Glendale?s New Frontier near Glendale Avenue and West Alsup Road east of Loop 303. The one-million-square-foot industrial facility will include two buildings.? The first building is expected to be completed in early 2021.
East Valley Migration
According to some West Valley forum members, there is potential for East Valley employers to see the benefit of transitioning their business operations and office needs to the West Valley.? With increasing traffic and growing rent in the East Valley cities, employers may be enticed by the quality of life and Class-A Office spaces in the West Valley.
Laura B. Bramnick is an Arizona real estate attorney with the knowledge and experience you need to protect your interests during every stage of your real estate matter. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.