AZBigMedia
Arizona is in the midst of a stellar economic growth cycle, much of which is being driven by companies relocating to or expanding their footprint in the market. In 2018 alone, Greater Phoenix welcomed three new corporate headquarters and 42 businesses that opened offices in the market or expanded their current operation. According to numbers released by the Greater Phoenix Economic Council, the economic impact was $1.18 billion in capital investment and more than 8,600 new jobs.
All of these new companies require office space, and the property owners and brokers in the Phoenix market are learning what these companies desire in an office. While the most vital of these demands are universal, each company has their unique requirements and budgets.
“A focal point of most modern companies is attracting and retaining talent which means that they will typically be willing to pay more for locations, buildings, and suites that allow them to have a leg up in the war for talent,” said Danny Swancey, partner at ViaWest Group, which develops, purchases and manages office properties in the Western U.S. “On the other end of the spectrum, warehouse tenants with low-margin business that may be heavily automated might be more price-sensitive when it comes to their occupancy costs.”
