2018 Year-End Greater Scottsdale Airpark 2030 Report issued by Colliers International

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The Greater Scottsdale Airpark has had a gradual recovery and been able to attract a much broader economic diversity

Our original report for the Scottsdale Airpark began in 1981 and was named the 2010 Report. In that base year of 1981, there were 3,320 employees, 1.58 million square feet of buildings, and 268 companies.

The Scottsdale Airpark has exceeded every recorded prediction since then. Currently, the Airpark has approximately 59,132 employees, 43,887,549 square feet of buildings and 3,233companies.

The Economic Runway

The Greater Scottsdale Airpark still has some runway left in this post-recession cycle. The development community has shown quite a bit of restraint over the last 10 years by not overbuilding office, flex or light industry. Much of the investment dollars have gone into refurbishing, re-purposing and tearing down obsolete buildings and preparing for a future development project.

The Greater Scottsdale Airpark, like Metro Phoenix, has had a gradual recovery and has been able to attract a much broader economic diversity and thus our “runway” still has room to grow through 2020.

The Fed

The Fed knows what it’s doing. Relax! The Fed is putting gentle taps on the brakes to diffuse price pressure and hold inflation in check. They can react quickly and ease policy if the economy stumbles.

Mixed-Use Developments (MXD)

Why are mixed-use developments becoming one of the most popular product types in the United States?

  • Developers and investors alike are increasingly seeking out opportunities to integrate product types in order to achieve the ultimate goal of creating destinations that draw residents, tenants, visitors (car auctions, golf, horse shows, etc.) and patrons to Engage and Interact, Live, Shop, Work and Play.
  • While we have seen great results at Kierland and The Scottsdale Quarter, the Greater Scottsdale Airpark in general has been one large MXD with the addition of the large number of apartments and condominiums.
  • In addition, Greater Scottsdale Airpark has the “Scottsdale Airport” and its brand new $27 million Aviation Business Center. This unique asset makes the Greater Scottsdale Airpark MXDs among the best business districts in the entire Southwest United States.
  • Other state-of-the art MXDs are being planned in the Greater Scottsdale Airpark as of this writing.

What Will We See in 2019 in the Greater Scottsdale Airpark?

  • More property selling as current owners want to capitalize on this current cycle
  • Ground breaking on 1-2 more MXDs in the Greater Scottsdale Airpark
  • Higher occupancy and higher rental rates

Prediction for 2030

  • We will likely see 82,000 employees, 53 million square feet of a variety of office, flex, industrial, medical, retail, multi-family, hotels and car dealership buildings, and about 4,100 companies.

Colliers International Scottsdale Airpark 2030 Report

2018 Year-End Greater Scottsdale Airpark 2030 Report issued by Colliers International

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Jim Keeley

Founding Partner

Scottsdale

As the Founding Partner of Colliers International’s Scottsdale office and Senior Executive Vice President for Colliers International in Arizona, I lead the Scottsdale office and serve as its designated broker. Considered one of the leading commercial real estate experts in the Deer Valley and Loop 101 Employment Base and the Scottsdale Airpark, I specialize in the sale and leasing of office, industrial and flex buildings, land, and aviation properties.

I have completed countless sales of office and industrial buildings to both investors and users. I serve as a broker and advisor to developers and users in the purchase, sale, and lot layout of business, office and industrial land subdivisions. I also consult with and negotiate on behalf of owners, users and developers on build-to-suits.

With more than 35 years of industry experience as a sales leader, developer and real estate consultant, I have developed and owned office and industrial buildings, aviation hangars, convenience markets, and lot subdivisions.

I embrace the full-service “Cradle to Grave” approach to commercial real estate:

  • Step 1 – Identifying the site and negotiating the purchase on behalf of the client
  • Step 2 – Using a team approach to lease up the property on behalf of the investor, developer and user
  • Step 3 – Selling the asset at the highest value in the shortest amount of time on behalf of the owner

I began working in the Scottsdale Airpark in 1981, and founded Classic Real Estate Corporation in 1983. In 1998, I sold 50 percent interest in Classic to Colliers International to expand its commercial real estate presence into the Loop 101 Employment Base (Scottsdale Airpark, Desert Ridge, and Deer Valley).

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