Cousins Properties CEO Larry Gellerstedt, speaking recently during the Atlanta-based company’s Q2 earnings call, compared Tempe as a real estate market to Austin — that is, a booming city rising on the strength of strong fundamentals.
“Tempe has emerged as a bright spot in [our] new portfolio from the start,” Gellerstedt said. “New-to-the-market inquiries and expansion demands from existing customers validates the strength of this urban submarket. Tempe’s characteristics mirror what we have experienced in Austin.
“Companies are drawn to the low-cost, business-friendly environment, near a young, affordable and highly educated workforce. Austin’s workforce draws from the University of Texas, and Tempe draws from Arizona State University, the largest university in the country, with over 80,000 students.”