Lincoln Waiting For Anchor
As Lincoln Property Co fills its first planned office building at Waypoint with American Traffic Solutions, we asked Lincoln's David Krumwiede (here with his daughter in a recent tour of the Cubs spring training facility) whether this means part two will be spec. “We would like to get an anchor tenant,” David tells us. “Activity is strong, I will tell you that. We have several proposals out for full-building and partial building users."
The deets so far: ATS inked a deal for 108k SF at Building One, in a planned 20-acre Mesa campus that borders Tempe and Scottsdale in the Southeast Valley. The second 150k SF building will take off, as David indicated, upon another anchor signing. In many ways, it's because Phoenix's office market of late has been shouldered on build-to-suit activity. Think Garmin, GM Innovation Center, and GoDaddy. And that's even with vacancies hovering around 20%. The reason? David says a lot of empty space is tied to smaller suites—a legacy from the Lehman Bros collapse and credit crunch when corporate America went through a drastic downsizing. Big blocks of space are pretty non-existent.