Greater Scottsdale Airpark 2030 Report released by Colliers International

Growth of area continues with Loop 101 access and redevelopment—report predicts 4,000 companies in submarket by 2030

Phoenix, March 28, 2018 – Colliers International in Greater Phoenix released its Greater Scottsdale Airpark 2030 Report. The document highlights the most meaningful transactions in the area for 2017 and predictions for the submarket extending to 2030. 

“This year we chose to focus a good portion of the report on elements that will NOT change in the Scottsdale Airpark,” said Jim Keeley, SIOR, CCIM and founding partner of Colliers’ Scottsdale office. “Much of the submarket’s success is derived from characteristics that will continue to fuel growth, such as the Loop 101 freeway and the popularity of the Scottsdale Airport.”

The report predicts by 2030 the Scottsdale Airpark will be home to 4,000 businesses employing as many as 80,000 workers. The Airpark is forecast to contain as much as 52 million square feet of commercial space by that time. 

“The Scottsdale Airpark is a modern “Edge City.” as defined by author Joel Garreau,” said Keeley. “It is an employment base with mixed-use retail, offices, restaurants, apartments, condos, hotels, and flex and light industrial space. These are all critical elements of an environment that appeals to the work-live-play focused millennial generation.”

In 2017, the Scottsdale Airpark featured a core of more than 40 million square feet of space at 57,000+ employees. Multifamily projects have become a new category in the submarket, where seven new projects have been built in the past 24 months. The area now features 29 apartment communities, with more than 7,000 units. 

During 2017, several noteworthy business additions and expansions occurred in the Scottsdale Airpark. Han Wei Lines, a Taiwan-based global shipping company, moved its US headquarters into Perimeter Center. Carlisle Company, a Fortune 1,000 global manufacturing company, moved its headquarters to Kierland from Charlotte, North Carolina. Tesla is growing its presence in the Scottsdale Airpark, as well. 

“During 2018, we will likely experience announcements of 2 million-square-foot mixed-use developments. Additionally, the market will continue the much-needed redevelopment cycle of replacing 30 to 45-year-old obsolete buildings with new, modern properties,” said Keeley. “As these new mixed-use and tech projects come on line, we are struggling with a lack of available industrial space. Property values in the area have risen to such an extent that new industrial projects have simply been priced out of the mix. Unless rental rates significantly spike, we doubt any new industrial will be added.  We will, however continue to see expansion of the car collection enthusiasts, who already have more than 40 different auto collections in warehouses, hangers and flex space in the area.” 

Colliers predicts the economy will remain resilient into 2020, which will fuel activity in the Scottsdale Airpark and surrounding commercial areas.

About Colliers International Group Inc.

Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

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Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.