Tempe Office Market Boiling
Investors want to be in Tempe because tenants want to be in Tempe, CBRE’s Bob Young tells us. Recently he was the lead broker in the sale of the 279k SF Papago Arroyo office buildings by Greenwood & McKenzie of California to a private investor for $40M. “Tempe’s at the top of the metro Phoenix office market,” he says, with access to one of the strongest labor pools in the Valley and a 10.3% vacancy rate, or less than half the metro vacancy rate. Built in 1998, the property is 96% leased. Along with Bob, colleagues Glenn Smigiel, Steve Brabant and Rick Abraham, and Lee & Associates’ Andrew Cheney and Craig Coppola repped the seller.