{"id":1004121527,"date":"2015-06-18T14:13:37","date_gmt":"2015-06-18T22:13:37","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=353068"},"modified":"2020-05-10T21:38:02","modified_gmt":"2020-05-11T05:38:02","slug":"phoenixs-skyline-and-the-flight-to-quality","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenixs-skyline-and-the-flight-to-quality\/","title":{"rendered":"Which City Wins for Tallest Skyscrapers?"},"content":{"rendered":"

By Liviu Oltean, Associate Editor<\/em><\/p>\n

Each year, JLL\u2019s \u201cSkyline\u201d reports offer a snapshot of how the nation\u2019s taller office buildings are faring. Phoenix landed 22 properties on the 2015 list, ranging in size from the 12-story Central Park Square to the 38-story Chase Tower.<\/p>\n

To qualify for JLL\u2019s yearly report, an office building must meet one or more of the following criteria: floor space greater than 190,000 square feet; completion or significant renovation since 1973; a downtown or midtown location; and a recognized tenant profile or architectural significance. JLL evaluates the properties in terms of vacancy, asking rates and net absorption.<\/p>\n

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

\u201cThe flight to quality in earlier recovery years, coupled with an improving economy today, have led to significant supply constraints in the country\u2019s highest-quality office buildings, and the rent gap has widened significantly,\u201d said Julia Georgules, a vice president in JLL\u2019s research unit, in a statement.<\/p>\n

Yet JLL\u2019s report also notes that not all skylines are equal in value, and that the flight to quality is more problematic in some markets than in others. In that sense, Phoenix is no exception.<\/p>\n

According to the report, nationwide office vacancy for trophy properties is 10 percent, significantly tighter than the 15.1 percent vacancy for their non-trophy counterparts. In Phoenix, not only is the vacancy gap significantly smaller, but vacancy for trophy towers is higher. Coupled with the growing tendency among many tenants to favor unconventional spaces rather than trophy properties, it remains to be seen how Phoenix\u2019s skyline will perform during the next few years.<\/p>\n

\u201cTech users and other creative firms want unique space\u2013they\u2019re mostly indifferent to building quality as long as they are able to design attractive, creative environments for their employees,\u201d commented JJ Shephard, a Managing Director with JLL\u2019s agency leasing team in Seattle. \u201cThey have shown a preference in recent years for leasing lower-cost space in well-located historic buildings or converted warehouses because they can spend more on their space\u2019s interior and less on rent. It allows them to create their own identity.\u201d<\/p>\n

Considering that Phoenix\u2019s office market is on the rise, the question is not whether vacancies and asking rates will improve, but by how much. As of the second quarter, nine out the 22 towers identified by JLL have more than 100,000 square feet of vacant space.<\/p>\n

Click here<\/a> for more in-depth analysis of the nation\u2019s skylines.<\/p>\n

Image Courtesy of DPPed<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

According to JLL’s most recent skyline report, this city tops the list of the nation’s tallest and most impressive properties.<\/p>\n","protected":false},"author":1158,"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":[1601],"tags":[],"class_list":["post-1004121527","post","type-post","status-publish","format-standard","hentry","category-phoenix"],"acf":[],"yoast_head":"\nWhich City Wins for Tallest Skyscrapers? - 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\/phoenixs-skyline-and-the-flight-to-quality\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Which City Wins for Tallest Skyscrapers?\" \/>\n<meta property=\"og:description\" content=\"According to JLL's most recent skyline report, this city tops the list of the nation's tallest and most impressive properties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/phoenixs-skyline-and-the-flight-to-quality\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-18T22:13:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-11T05:38:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/06\/Downtown-Phoenix-Skyline.jpg\" \/>\n<meta name=\"author\" content=\"Liviu Oltean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/phoenixs-skyline-and-the-flight-to-quality\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/phoenixs-skyline-and-the-flight-to-quality\\\/\"},\"author\":{\"name\":\"Liviu Oltean\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/a12696609e74785a9cb5f8f7eae8bbd0\"},\"headline\":\"Which City Wins for Tallest Skyscrapers?\",\"datePublished\":\"2015-06-18T22:13:37+00:00\",\"dateModified\":\"2020-05-11T05:38:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/phoenixs-skyline-and-the-flight-to-quality\\\/\"},\"wordCount\":407,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/phoenixs-skyline-and-the-flight-to-quality\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/06\\\/Downtown-Phoenix-Skyline.jpg\",\"articleSection\":[\"Phoenix\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/phoenixs-skyline-and-the-flight-to-quality\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/phoenixs-skyline-and-the-flight-to-quality\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/phoenixs-skyline-and-the-flight-to-quality\\\/\",\"name\":\"Which City Wins for Tallest Skyscrapers? 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