Top 5 Office Completions in Phoenix

The Phoenix office market has experienced a boom, as the metro’s business-friendly environment, strong workforce and low cost of living has attracted many companies. One of Valley of the Sun’s biggest strengths is its diverse economy, driven by office-using sectors such as Biomed, health care, finance and tech.

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The metro delivered some 2 million square feet of office space across 14 properties between January and October, according to CommercialEdge data. An additional 2.7 million square feet were under development in 17 developments. The table below highlights the biggest office projects to come online in the first 10 months of 2021.

5. Norterra West II

Norterra West II

Starting the list is Norterra West II, a 144,800-square-foot office development in the Phoenix – North Gateway submarket. A partnership between USAA Real Estate and Metro Commercial Properties Inc. completed the three-story property in March. According to CommercialEdge data, the property was sold in October to Silver Creek Development for $48.5 million.

Located at 25800 N. Norterra Parkway along Interstate 17, the building is part of the master-planned community of Norterra and less than 22 miles north of downtown Phoenix. The property is seeking LEED certification and includes 900 parking spots.

4. Axis Raintree

Axis Raintree

Trammell Crow Co. and PGIM Real Estate completed the 175,112-square-foot office building in April. Axis Raintree features 175,000 square feet across three stories and common-area amenities such as 5,000 square feet of outdoor space, a 40-person training room and a 1,500-square-foot lounge. Additionally, the property has a WELL v2 Core certification and a WELL Health and Safety rating pending.

Situated at 8605 E. Raintree Drive on 5 acres, the property is adjacent to the Loop 101 freeway, less than 4 miles from Scottsdale Airport and a little over 27 miles from downtown Phoenix. The Class A office building also offers access to more than 1 million square feet of amenities.

3. 3100 N. Central Ave.

3100 N. Central Ave.

Creighton University completed in July the first phase of its health sciences campus in midtown Phoenix. The 183,000-square-foot campus is located at 3100 N. Central Ave. and the $100 million development is less than a mile from St. Joseph’s Hospital and Medical Center, as well as roughly 3 miles from the Banner Health System headquarters.

2. Allred Park Place – Buildings 7 & 8

Allred Park Place Building 8

In September, Douglas Allred Co. completed Buildings 7 and 8 of Park Place in Chandler, Ariz. The developer received a $46 million construction loan and $27.5 million in mezzanine equity in mid-June last year for the construction of the pair.

Situated at 1375 and 1475 S. Price Road at the intersection of freeways 101 and 202, each of the recently completed buildings features 150,000 square feet across three stories, with 50,000-square-foot floor plates. The buildings are the latest addition to Allred Park Place, a 1.5 million-square-foot mixed-use park, which includes office, manufacturing and retail space.

1. Cavasson – 18700 N. Hayden Road

Cavasson – 18700 North Hayden Road

The largest office project to be delivered between January and October this year was Cavasson – 18700 N. Hayden Road in Scottsdale. Of the total 460,000 square feet, 170,000 square feet in the five-story building houses the regional headquarters of the owner, Nationwide Realty Investors.

Located at 18700 N. Hayden Road, almost 26 miles from downtown Phoenix, the office property is the first phase of the 134-acre mixed-use project Cavasson. The $950 million development is set to include roughly 1.8 million square feet, comprising office space, hotels, 1,600 residences and a mix of retail space, restaurants and amenities.