Smaller Airports are Spurring Growth. Here's How.
The Greater Scottsdale Airpark market, focused on the Scottsdale Airport, is fully in recovery mode, according to Colliers International senior EVP James Keeley. Yesterday James released his annual report on the market, noting that at the end of 2014, office vacancy had dropped to 18%, compared to 30% at the bottom of the market in 2009. Little office has been developed in recent years, allowing the rate to drop as space is leased. Industrial, flex and retail use reached an equilibrium in late 2014. Existing companies are adding jobs, and others are relocating there. "The trend for 2015 is slow but steady absorption of space," he says.
Another market focused on a Phoenix reliever airport is seeing increasing activity as well, in this case new development. Work is underway by the Tiburon Cos on the first phase of Tiburon @ Chandler Airport, an 81k SF mixed-use property that will include office, light industrial and flex space. Tiburon's Michael Burton tells us that the location at the front door of the airport, and close to Loop 202, will connect businesses to the burgeoning Chandler and Southeast Valley markets. The first phase will include three one-story buildings; DTZ will undertake the leasing effort.
