February 12, 2015

Trbo’s Scottsdale Airpark 2014 Market Report

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The Scottsdale Airpark is the second largest employment center in Arizona. It is also near some of the highest income demographics in the state. The airport is also the busiest single runway general aviation airport and the largest corporate jet facility in the US.  And the Airpark claims 6 of Arizona’s 13 companies in the Inc. magazine list of 500 fast-growth private companies.


The commercial real estate market in and around the Airpark boasts some of the highest values and lease rates in Arizona.  Although hit very hard by the recession, the following charts show the market is making a comeback. And with national unemployment the best in six years (5.9%) and gross domestic product for the most recent quarter at a 4.6%, the economy is also improving.


Office Statistics

The Airpark office market had a strong year in 2014.  Vacancy rates started the year a 19.4% and finished the year at 15.6%!  Asking lease rates also increased during the year from $22.83 to $24.35 per square foot.  


Office Blog Table



Industrial Statistics

The industrial market vacancy rate has improved from 21.4% in 2010 to 5.7% currently. The average asking lease rate has also steadily increased to $10.74 ($.90/month), a 16% increase over a year ago. One thing that has not returned to the market is new industrial construction, but with lease rates rising and vacancy rates moving lower, new development may be just around the corner.


Industrial Blog Table2



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In the past four years, we have completed over 5,000 transactions at CPI.  That is an average of over 120 transactions per month!  Valley-wide, no other commercial real estate firm negotiates, prepares, and completes more transactions then CPI.  For a no obligation analysis of your property, please call me at (480) 522-2799 to “TrboCharge” your investment real estate today.



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