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 seven years (5.4%), the economy is continuing to improve.
2014 was a comeback year for Airpark Office leasing as vacancy rates started the year a 19.4% and finished the year at 15.6%, while asking lease rates increased during the year from $22.83 to $24.35 per square foot. Office leasing activity has started at a slower pace in 2015, but is holding steady. However, office sales are showing great improvement with average sales price per square foot of $197 much higher than the $157 number reported at the end of 2014.
The industrial market has also leveled off a little in early 2015 with vacancy rates, lease rates and average sales prices per square all close to 2014 year end numbers.
