Small Tenants Finally Recovering?
We asked Boxer Property to look back on 2014, viewed by many as a watershed time for Phoenix. One type of tenant in particular has put a jolt back into business.
Boxer's Sean Ryle says the firm has seen a demand turnaround in its 280k SF Phoenix portfolio. He attributes "most of our success to finding small businesses who needed upgraded office space." Case in point: Sean just expanded SimplePay into 5,100 SF at Lakeside Center. Small potatoes to be sure. But the firm did expand from its previous 3,600 SF. And multiply those scenarios many times over for 2014.
Sean says Boxer has seen a lot of activity with its spec suite spaces as well. It built out 40k SF of plug-and-play space, then leased 15k SF of it at Lakeside Center (pictured). The best part, Sean says, is the small tenants are coming back 12 months later needing more space: “I think we're going to grow some of these smaller companies into the larger tenants.” |
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Cushman & Wakefield Eyes Big Tenants
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Fresh from being named as Cushman & Wakefield's senior director, Mark Seale says things are improving for the overall economy. Big tenants are certainly making moves in Phoenix, both in leasing and the build-to-suit front. But on his end, Mark says he sees the 3k to 5k SF tenants “still struggling.” “The Phoenix market will not be completely healthy until those companies are healthy again.” |
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Most recently, Mark's secured multi-market deals with such big tenants as Hovnanian Homes, Taser International and Ingram Micro. The former Cassidy Turley executive director sees more of the activity on the big tenant front – especially as more Fortune 1000 companies view metro Phoenix as good for back office operations. Big companies are viewing office space as a key recruitment tool for young talent, especially more urban locations. “Users are looking for the right 24/7 location and then the right feel to the space,” Mark says. |
Where Are The Top 11 Holiday Light Displays?
Where are you going to see holiday lights this year? If you can't make up your mind, Phoenix New Times shares its 11 “must see” displays. The list has such givens as The Coach House and the McCormick-Stillman Railroad Park (here) and offers some eye-popping family homes, including The Palacio Family's South Park-themed holiday decorations located in the West Valley and the Birkett Family's Winter Wonderland display in Northern Scottsdale.
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Qatar Could Own
9% of Brookfield
in Canary Wharf Takeover
The Qatar Investment Authority and Brookfield Property Partners announced that they'd upped their bid to $4B for Songbird Estates, the majority owner of London's Canary Wharf financial district. On top of that, Bloomberg reported that Qatar's sovereign wealth fund said it would buy up to 9% of Brookfield in the JV transaction. Head to our website for the details. |
Among The Country's
Greatest Pizzas?
Many Phoenix foodies already know Pizzeria Bianco is among the best in the city for a slice of pizza pie. But is it among the best in the nation? The folks at The Daily Meal think so. In fact, the foodie website named the Bronx-native-run pizzeria the third best pizza joint in the US, just behind Di Fara in Brooklyn and Frank Pepe in New Haven, CT. You can check out its list of all 102 honorees here.
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