Tempe ‘hot submarket’ for new office space

Cronkite News photo
Cronkite News photo

By Eric Jay Toll | Phoenix Business Journal

Even if it takes 20 years to develop more than 19 million square feet of office, residential, retail and lodging properties around Tempe Town Lake, it may not faze the burgeoning area.

“Tempe is a hot submarket, and it has always done better than the rest of the Valley,” said Mike Beall, executive managing director of Cassidy Turley. “Even during the depths of the recession, when there was negative absorption, Tempe did better than other submarkets.”

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