By Mike Sunnucks | Rose Law Group Reporter
Andrew Cheney knows all about the rallies, volleys and tougher shots of the real estate market. Cheney is a principal with Lee & Associates Commercial Real Estate Services. He was the 2018 chairman for NAIOP AZ. He is part of the team that handles leasing at Renaissance Square in downtown Phoenix and holds SIOR, CRE and CCIM designation.
Cheney is also a former professional tennis player. We caught with him to get his take on the commercial real estate market as well as his days on tour.
What did the first quarter numbers show you about the state of the market, the economy?
One million SF of net absorption is a lot, great news for Phoenix. Businesses still have confidence and want to either expand here or relocate significant operations. The first quarter numbers also tell me that demand could outpace supply by 2 times this year. For those who can lend and build on sites with great fundamentals, they will be rewarded.
What types of tenants (size, industry, etc) are looking for space now and what are their needs?
Tech is still the darling of this cycle. Professional services are active and as always the FIRE [finance, insurance, real estate] industries. Their needs are walkable amenities, speed to market and flexibility to grow.
What is the current situation in Renaissance Square. How much space is available. What kind of interest are you seeing there?
Ren Square is going extremely well and we have done more leasing than anyone downtown. But we still have 250,000 square feet to lease. Our brand, new lobbies, spec suites and amenity spaces have drawn a steady stream of tech, law, ‘FIRE’ [finance, insurance, real estate] and professional services. We have something for all sizes and the building is worth the tour.
How did you end up in commercial real estate?
I originally wanted to be a developer but thought it would be good to learn brokerage. I found out I liked brokerage better!
Not sure everyone knows about your tennis career. tell us a bit about that?
I was like a minor league baseball player, but for tennis. I got to travel around the world for 3 years and see some of the best and worst (I had to take the overnight bus from Bulgaria to Greece one time.) spots in the world. I consider myself incredibly fortunate to have chased my dream. I never got to play at Wimbledon, but I have sat in the Royal Box.
What do you like to do for fun (hobbies, interests, etc)?
Tennis is still my passion and I go on a cool international hiking trip every other year. I also like to travel with my wife, and just hang with our 2 kids under 3 years old.
