Scottsdale Airpark forecast: exponential growth
The Scottsdale area continues to grow exponentially, as Loop 101 access and redevelopment continue, and two-million square feet of mixed development in the Scottsdale Airpark is expected to be announced in 2018. The redevelopment includes replacing 30-45-year-old buildings with new, modern facilities to meet the demand for a growing number of new mixed-use and tech projects needing industrial space.
Information from the recently released Greater Scottsdale Airpark 2030 highlights the area’s most significant commercial activities in 2017 and offered submarket predictions extending to 2030.
Nine miles from Downtown Scottsdale, and 15 miles from Phoenix, the Scottsdale Airpark is an employment base with mixed-use retail, offices, restaurants, apartments, condos, hotels, and flex and light industrial space, an environment that offers the work-live-play lifestyle that attracts Millennials according to Jim Keeley, CCIM, SIOR, and founding partner of Colliers International Scottsdale Office and Executive Vice President, Greater Phoenix.
In 2017, Scottsdale Airpark featured a core of more than 40 million square feet of space at 57,000+ employees. Multifamily projects have added a new category in the submarket, where seven new projects have been built in the past 24 months. The area now features 29 apartment communities with more than 7,000 units. For real estate investors, Scottsdale offers lucrative opportunities for long-term rental income properties.
Last year the Scottsdale Airpark boasted a core of more than 40 million square feet of space employing more than 57,000. Multifamily projects provide for a new category in the submarket, with seven new projects built in the past 24 months, comprising 29 apartment communities with more than 7,000 units.
Scottsdale Airpark forecast