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 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.