Article originally published by Multi-Housing News Online
By Lucia Morosanu
Some 3.2 million square feet of office space is under construction across the metro, CommercialEdge data shows.
Phoenix has grown into an attractive alternative to the neighboring, pricier cities for many companies thanks to its business-friendly environment and plenty of space available for development. Almost 1.5 million square feet of new office space—across eight projects—came online in the first quarter of 2021, according to CommercialEdge data.
As of March, roughly 3.2 million square feet of office space was under construction across 16 properties. A significant percentage of new supply is taken up by medical office space, with the metro attracting a lot of interest from the health-care, biosciences and life sciences industries. Except for one of the largest developments underway, every project on our list is slated for delivery by year-end. The table below highlights the most significant developments under construction in the metro.
|Rank||Property Name||Office Sq Ft||Submarket||Owner||Anticipated Completion|
|1||The Grand at Papago Park Center – Grand 3||280,000||Phoenix – Papago||Lincoln Property Co.||Q4 2021|
|2||One Hundred Mill||279,500||Tempe – Mill||Cousins Properties||Q4 2021|
|3||Phoenix VA Outpatient Clinic||275,157||Phoenix – Center City||US Federal Properties||Q2 2022|
|4||Scottsdale Entrada – Office Building||250,013||Scottsdale – South||Banyan Residential||Q4 2021|
|5||Creighton University Health Sciences Campus – Building 1||183,000||Phoenix – Central Corridor||Creighton University||Q2 2021|
|6||Choice Hotels International Headquarters||160,000||Scottsdale – Airpark||Nationwide Realty Investors||Q4 2021|
|7||Allred Park Place – Building 7||150,000||Chandler||Douglas Allred||Q3 2021|
|8||Allred Park Place – Building 8||150,000||Chandler||Douglas Allred||Q3 2021|
|9||Banner Health Center||127,243||Glendale||NexCore Group||Q2 2021|
|10||HonorHealth Neuroscience Institute||120,000||Scottsdale – South||HonorHealth||Q2 2021|
6. CHOICE HOTELS INTERNATIONAL HEADQUARTERS
The 160,000-square-foot, five-story Choice Hotels International Headquarters is taking shape in the Scottsdale – Airpark submarket. The development is part of Nationwide Realty Investors’ 134-acre Cavasson mixed-use development located at Loop 101 and Hayden Road. The developer expects to complete the project in late 2021. The building will house Choice Hotels’ technology division.