Laurus Likes Scottsdale
Scottsdale's also got the attention of investors. Recently SoCal-based Laurus Corp acquired Canyon Village, a 94k SF four-building office park occupying about 5.6 acres in the Scottsdale Airpark submarket. Scottsdale Airpark is a growth spot within a growth spot (Scottsdale) within a growth spot (greater Phoenix). “The greater Phoenix MSA certainly fits our requirements for acquisition with strong growth potential," Laurus CEO Philip Cyburt tells us. "As our model allows for opportunistic investments, Phoenix will remain on our radar."
Scottsdale Airpark has seen some of the most consistent demand for office space in all of Phoenix, with four consecutive years of positive net absorption, Philip adds. One reason for that is the market's diversity. Besides Scottsdale's tech and biomedical sectors, investors also like it for its booming tourism and retail sectors. The city is home to more than 70 resorts and hotels catering to a higher-end market and attracting more than 7.5 million visitors a year providing an economic impact of more than $3B.
