{"id":1004053348,"date":"2012-05-18T11:54:06","date_gmt":"2012-05-18T19:54:06","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=46450"},"modified":"2022-12-07T11:17:34","modified_gmt":"2022-12-07T19:17:34","slug":"allstates-66000-sf-lease-in-tempe-offers-rare-bright-spot","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/allstates-66000-sf-lease-in-tempe-offers-rare-bright-spot\/","title":{"rendered":"Allstate\u2019s 66,000 SF Lease in Tempe Offers Rare Bright Spot"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/p>\n

In one of the area\u2019s largest office leases this year, Allstate Insurance Co. inked a 66,000-square-foot deal at Tempe Gateway. \u00a0Located in Tempe\u2019s Mill Avenue District, the eight-story, 260,000-square-foot building facility has been owned since 2010 by Seattle-based Vulcan Real Estate.<\/p>\n

\"\"<\/a><\/p>\n

Allstate\u2019s commitment means that Tempe Gateway is now 64 percent leased. Other tenants at the property include Limelight Networks, Parsons and Waste Management, which occupy 100,000 square feet among them. In addition, triathlon gear retailer Trisports.com, is set to open a new retail location in the building next month.<\/p>\n

The Allstate lease is a welcome bright spot in a market that continues to struggle. Average asking rates have declined for eight quarters in a row and slipped to $20.72 per square foot in the first quarter, according to CBRE Group Inc. During the first quarter,\u00a0\u00a0the market registered less than 1,000 square feet of positive absorption during the first quarter as tenants focused on renewals. Owners are hoping that the absorption\u00a0soon returns to 2011 levels, when the Phoenix area ranked fifth nationwide.<\/p>\n

\u00a0Photo courtesy of \u00a0tempegateway.com\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By Alex Girda, Associate Editor In one of the area’s largest office leases this year, Allstate Insurance Co. inked a 66,000-square-foot deal at Tempe Gateway.  Located in Tempe’s Mill Avenue District, the eight-story, 260,000-square-foot building facility has been owned since 2010 by Seattle-based Vulcan Real Estate. Allstate’s commitment means that Tempe Gateway is now 64 […]<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1601],"tags":[1815],"class_list":["post-1004053348","post","type-post","status-publish","format-standard","hentry","category-latest","category-phoenix","tag-national"],"acf":[],"yoast_head":"\nAllstate\u2019s 66,000 SF Lease in Tempe Offers Rare Bright Spot - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/allstates-66000-sf-lease-in-tempe-offers-rare-bright-spot\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Allstate\u2019s 66,000 SF Lease in Tempe Offers Rare Bright Spot\" \/>\n<meta property=\"og:description\" content=\"By Alex Girda, Associate Editor In one of the area’s largest office leases this year, Allstate Insurance Co. inked a 66,000-square-foot deal at Tempe Gateway.  Located in Tempe’s Mill Avenue District, the eight-story, 260,000-square-foot building facility has been owned since 2010 by Seattle-based Vulcan Real Estate. 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