Here are the signs of a burgeoning resurgence in the Arizona office market
December 20th, 2021
Article originally published by AZ BIG Media
While Arizona has certainly not been immune from the widespread economic impact of the COVID pandemic, the state’s economy has proven to be among the most resilient. Only two states had smaller GDP drops in 2020, and the story of 2021, despite unanticipated challenges from the Delta variant, has been one of recovery. By August, the state had recovered more than 100 percent of the private sector jobs lost during the pandemic disruption, representing the third-fastest jobs recovery in the nation. Fueled in part by an influx of new residents (Arizona welcomed more than three quarters of a million new residents between 2010 and 2020), it’s clear that Arizona has endured the challenges of a COVID-altered landscape about as well as any other state in the nation.
Nationwide Realty Investors has been actively developing and investing in real estate in Arizona for more than 30 years. Recognized nationally for their large, complex, high-performing, mixed-use environments, the developer has seen a surge of new office tenants in their established Gainey Ranch Corporate Center in Scottsdale, a project with more than a half-million square feet of office space. In newer destinations like Cavasson, the 134-acre premiere mixed-used project at Loop 101 and Hayden Road in Scottsdale, the initial phases of office development are leasing alongside a new resort hotel property and retail and restaurants currently under construction. In Rivulon, an expansive 250-acre mixed-use development located in Gilbert, Arizona at the intersection of Gilbert Road and the 202, approximately 800,000 square feet of office is already completed out of a planned 3 million square feet of commercial development.
“The market is heating back up and we’re seeing significant interest in these projects from major employers–global brands particularly in the finance and wealth management sectors,” said Brian J. Ellis, President of Nationwide Realty Investors. “Our projects provide tremendous visibility, connectivity, and access to great amenities. These continue to be the primary drivers for attracting and retaining best-in-class businesses.”