Greater Scottsdale Airpark 2030 Report - Colliers International in Greater Phoenix
Scottsdale, March 17, 2016 – Jim Keeley, SIOR, CCIM, founding partner of Colliers International’s Scottsdale office, released his annual Greater Scottsdale Airpark 2030 Report for the year ending December 2015. The 2030 Report was first published in 1989 as the 2010 Report and provides a current and historical perspective on economic activity, growth and trends for the Greater Scottsdale Airpark (“Airpark”).
“We are seeing steady improvement in the overall health of the Scottsdale Airpark,” said Keeley. “On a scale of one to 10, the Airpark ranked a solid 10 at its height in 2007, was at a three in 2011, and is a seven today.”
“Although not the robust growth of pre-recession times, 2015 saw a definite upward trend, as reflected in increased sales volume and lower vacancies.” Keeley said. “We expect this trend to continue through 2016, due to the economics of supply and demand.”
Land sales volume saw a sharp rise in 2015, with 88.85 acres sold for a total of $94.8 million compared to 37.57 acres for $46.7 million in 2014. A dramatic increase was also reflected in building sales, with total sales volume almost doubling from $169.5 million in 2014 to $324.3 million in 2015. The average price per square foot for building sales rose by 40 percent for office, 9 percent for industrial and 14 percent for retail.
Vacancy continued its downward trend, dropping to an average of 11.6 percent from 13 percent in 2014.