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Market Report

Phoenix Office Market Report

4Q 2021

Tempe and North Phoenix Compelling to Investors As New Supply Plagues Some Other Market Areas

Foundation in place for long-term strength in Tempe. Companies are expanding in Phoenix, attracted by the state’s business-friendly policies and rapidly growing labor pool. For many, the proximity to Arizona State grants Tempe an advantage in finding young educated workers, fueling space demand in the area. Peloton recently inked a lease for a call center near the Loop 101 and 202 interchange, while payment processing firm TSYS signed a renewal for a 102,000-square-foot facility south of the Superstition Freeway. Additionally, Phase 3 of the Novus Innovation Corridor, a mixed-use project comprising 355 acres near the Arizona State campus, is reaching completion. Future phases extend through 2035 and will create a live-work-play environment that entices companies to lease adjacent space over the next decade.
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