{"id":1004549632,"date":"2021-09-27T06:08:49","date_gmt":"2021-09-27T14:08:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004549632"},"modified":"2022-12-06T09:13:47","modified_gmt":"2022-12-06T17:13:47","slug":"phoenix-market-update-investments-cut-in-half","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-investments-cut-in-half\/","title":{"rendered":"Phoenix Market Update: Deals Drop Sharply"},"content":{"rendered":"

\"\"<\/a>After a strong June, with transactions amounting to 930,627 square feet of space across the metro, Phoenix\u2019s office deals<\/a> were practically cut in half in July, almost equaling April\u2019s trading activity. According to CommercialEdge data, eight properties totaling 446,530 square feet changed hands for $66 million, marking a 52 percent drop in square footage month-over-month. However, the value was 116 percent higher when compared to July 2020, when only 206,391 square feet of space sold for $35 million.<\/p>\n

Investors manifested their interest in traditional and flex office space, with six of the eight transactions closing in suburban submarkets. Class B\/C properties, accounting for 291,128 square feet, made up most of the investments across The Valley.<\/p>\n

The largest asset to change hands in July is located in a Qualified Opportunity Zone within the Phoenix-North Mountain submarket. Sason purchased Dunlap Business Center, an 80,937-square-foot, two-story office building in Phoenix, from Landon Associates. The Class A property traded for $9.1 million.<\/p>\n

The priciest sale involved a flex office property in Chandler. Carlsbad, Calif.-based Capstone Advisors acquired the 74,525-square-foot Galveston Tech Center from Wexford Developments, paying $14.1 million for the Class A asset. The 1999-completed property was 92 percent leased at the time of sale.<\/p>\n

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite the month-over-month decline in office sales, trades jumped significantly compared to last year, according to CommericialEdge data.<\/p>\n","protected":false},"author":870,"featured_media":1004545005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,21747,1601,15],"tags":[51047,50674],"class_list":["post-1004549632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-office","category-phoenix","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nPhoenix Market Update: Deals Drop Sharply - 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\/phoenix-market-update-investments-cut-in-half\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phoenix Market Update: Deals Drop Sharply\" \/>\n<meta property=\"og:description\" content=\"Despite the month-over-month decline in office sales, trades jumped significantly compared to last year, according to CommericialEdge data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-investments-cut-in-half\/\" \/>\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=\"2021-09-27T14:08:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T17:13:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"930\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-investments-cut-in-half\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-investments-cut-in-half\/\",\"name\":\"Phoenix Market Update: Deals Drop Sharply - 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