Office Space In Phoenix

Phoenix Office Spaces News and Population:

Phoenix is the capital of Arizona and is not only the largest city in the state but also one of the largest cities in the United States by land area. It is also the fifth most populated city in the United States and at last count, the population was 1,567,924 residents. Phoenix is also one of the hottest cities in the country in terms of climate. This is not surprising considering that it is located at the edge of a desert, namely the Sonoran Desert. Phoenix is also the main transportation hub for the region which gives some stability to the local economy and office space rental rates in the Phoenix Metro area. Tucson is another busy city in Arizona, but if you need space in Phoenix then check out the nearby areas we service: Mesa, Camelback, Scottsdale, Arcadia, Mcdowell, Midtown, and the central and downtown areas.

Phoenix Crime Rates and Social Climate:

It is interesting to note that there are more people who live in Phoenix who work with computers and numbers than most of the other places in the United States. Studies show that the population growth here has declined considerably and at last count only showed a 1.6% growth as of recent meaure. This has caused concern as it might seem like the popularity of Phoenix might be declining. The crime rate is at 79 per one thousand residents, much higher than most of the other communities in Arizona and another factor in declining real estate prices (both residential and office spaces in Phoenix). While Phoenix used to be an agricultural based city depending on cotton and citrus farming, it has since diversified into high technology and telecom industry. Given its warm climate, tourism is also seasonally popular, but most tourists try to avoid the 100 degree days of summer. Some Fortune 1000 companies that have plants and offices here are Intel, American Express and U-Haul. Several banks have their regional headquarters located here like JP Morgan Chase, US Bank, Wells Fargo, Bank of America and Midfirst Bank. The good news for the commercial real estate market in Phoenix Arizona is that all these companies require the typical forms of office space like serviced units, temporary monthly spaces, conference rooms, executive suites, and larger business park listings to lease or rent.

Rental Prices For Office Spaces in Phoenix AZ:

The Phoenix commercial market shadowed the trend in other places of the country being a tenant’s market right into the third quarter of 2009. Landlords are offering great concessions for the short term period as they are optimistic that the market will make a strong comeback soon. To find out more about choosing an office suite and how many square feet you will need, check out how to measure your office space floorplan. However, office vacancy has increased to an alarming 24.2% but construction is still going on for delivery of new offices, albeit cautiously. Average rental rates for office space in Phoenix have also dropped about 6% to $23.44 per square foot.

Downtown Phoenix and Commercial Developments:

Downtown Phoenix is a business district by day and becomes an exciting arts and culture refuge by night. The Central Business District is divided into Midtown Phoenix and the Biltmore District - all of these areas currently have special deals on offices spaces for rent to help fill vacanies. Some of the attractions downtown include museums, sports arena, theatres and galleries. The Arizona Science Center, the Phoenix Museum of History, the Rosson House and the Burton Barr Central Library are some major cultural attractions. The Phoenix Symphony Hall is another main attraction here. Ballet Arizona stages many of its productions here. The sports scene is also alive with the Chase Field, home of the Arizona Diamondbacks. Many World Series for baseball and soccer have been played here. The US Airway Center quite recently hosted the NBA All-Star game here in Phoenix. Given the drop in population growth, it is believed that the authorities are looking into ways to make Phoenix more contemporary and attractive for businesses and families to work and live here. That’s why energy efficient and sustainable industries like those involved in biotechnology and green technology are being given special attention in hopes of expanding the local economy.