With the East Valley emerging as one of the hottest commercial property markets in the state, cities such as Tempe, Arizona are seeing more real estate activity than ever. This college community was already popular with those attending and working at Arizona State University. The growing campus and thriving employment sector have led to more housing purchases and leases in the area. These and other reasons may be why the Tempe submarket so popular right now.
Tempe?s Office Market
Tempe, Arizona, has become a leader in innovation, sustainability, and cutting-edge business. Companies are attracted to its vibrant energy, excellent infrastructure, and outstanding workforce pool. New office developments such as Rio2100 are attracting business tenants who recognize all that this market has to offer. According to recent reports, key tenants have already lined up to lease space in the most recent phase of this sought-after class-A office complex. Rio2100 is a mixed-use development east of the Tempe Marketplace and south of Tempe Town Lake.? The first phase of Rio 2100 was completed in March 2017. The property is now fully leased to the Mayo Clinic, Vision Partners, Varsity Tutors, MeltMedia, American, and SDC Clinical. The development’s phases two and three were build-to-suit projects for Freedom Financial. Phase four was a build-to-suit project for Benchmark Electronics? new headquarters. Construction on the fifth phase of Rio 2100 is now complete. The four-story 170,680-square-foot office building includes a two-story parking area. Morgan Stanley has already reportedly leased the fourth floor of the building. Global automation technology company, Siemens leased 7,823 square feet on the first floor of the building and plans to occupy the space by the end of the year. Presently, approximately 119,000 square feet of the building is available to lease. As the occupancy of Rio2100 shows, leading corporations are setting up operations in Tempe.
Tempe?s Demographics ??
Tempe has a younger population, with 48.6% being between ages 20-44. The community is also considered to be a significant contributor to Metro Phoenix?s “tech talent” market. Tempe?s downtown has been ranked as one of the ten best downtowns and the community and offers over 175 miles of bike paths for its residents. Arizona State University, named Most Innovative School by U.S. News & World Report, is one of the country’s largest universities. Companies benefit from the number of highly-skilled graduates who are there and ready to fill positions.
Community leaders continue to focus on making Tempe a better place to live by investing in its infrastructure, working to attract employers, and remaining committed to sustainable practices. They have also made concerted efforts to offer educational programs to Tempe?s citizens. These may be some of the many reasons companies like Microsoft, Amazon, NextCare, MetLife, ADP, CITRIX, Wells Fargo, Zip Recruiter, and Wells Fargo have been attracted to this vibrant and thriving community and for the popularity of the Tempe submarket.
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.