{"id":1004551805,"date":"2021-09-29T02:45:54","date_gmt":"2021-09-29T10:45:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004551805"},"modified":"2022-12-07T12:01:19","modified_gmt":"2022-12-07T20:01:19","slug":"maricopa-county-signs-42-ksf-office-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/maricopa-county-signs-42-ksf-office-lease\/","title":{"rendered":"Maricopa County Signs 42 KSF Office Lease"},"content":{"rendered":"
\"\"<\/a>

Mesa Corporate Center. Image courtesy of CBRE<\/p><\/div>\n

Maricopa County has signed a 41,917-square-foot lease at Mesa Corporate Center, a 106,209-square-foot office building in Mesa, Ariz.<\/p>\n

According to CBRE research, the deal represents the submarket\u2019s largest lease transaction in the last three years. A CBRE team assisted the landlord, Shadow Ridge Estates. CommercialEdge information shows Shadow Ridge had acquired the Class B property in 2018 from Buchanan Street Partners, in a $15.6 million deal.<\/p>\n

Situated on an 8.5-acre site at 1001 W. Southern Ave. in the Superstition Corridor, Mesa Corporate Center came online in 2000. The two-story building features 52,500-square-foot floorplates and a parking ratio of 5 spaces per 1,000 square feet. Maricopa County will be joining Carrington College and Esurance on the roster, among other tenants.<\/p>\n

The property is roughly 3 miles southwest of downtown Mesa and 16 miles east of downtown Phoenix, in the Fiesta District. The location is within walking distance of a 16-story office tower<\/a> that traded for $39.5 million in April, also with the assistance of CBRE.<\/p>\n

CBRE\u2019s Jamie Swirtz and Bruce Suppes negotiated the lease on behalf of Shadow Ridge. Swirtz said, in a prepared statement, that the submarket is still in high demand due to its proximity to freeways and its educated workforce.<\/p>\n

Improvement in office occupancy<\/h2>\n

Although the office market is still on the road to recovery, leasing activity has improved at a slow and steady pace across The Valley. A recent CommercialEdge report<\/a> shows metro Phoenix had a 17.2 percent office vacancy rate as of August, marking a 50-basis-point decrease month-over-month and a 30-basis-point improvement year-over-year. However, the value was higher than the national average rate of 15.4 percent.<\/p>\n

The same dataset pinpointed Mesa as The Valley\u2019s second best-performing submarket for office occupancy with a 7.7 percent vacancy rate, showing an improvement of 50 basis points when compared to July<\/a>. Tempe\u2013Mill, the metro\u2019s leading submarket for occupancy, reached a 4.6 percent vacancy rate in August.<\/p>\n","protected":false},"excerpt":{"rendered":"

The deal marks the largest lease transaction in the Mesa, Ariz., submarket in the last three years.<\/p>\n","protected":false},"author":870,"featured_media":1004551809,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21743,21742,21747,1601,15],"tags":[34026,32789],"class_list":["post-1004551805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-deals","category-latest","category-office","category-phoenix","category-west","tag-buchanan-street-partners","tag-cbre"],"acf":[],"yoast_head":"\nMaricopa County Signs 42 KSF Office Lease - 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\/maricopa-county-signs-42-ksf-office-lease\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maricopa County Signs 42 KSF Office Lease\" \/>\n<meta property=\"og:description\" content=\"The deal marks the largest lease transaction in the Mesa, Ariz., submarket in the last three years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/maricopa-county-signs-42-ksf-office-lease\/\" \/>\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=\"2021-09-29T10:45:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T20:01:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/Mesa-Corporate-Center-e1632828062516.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1095\" \/>\n\t<meta property=\"og:image:height\" content=\"821\" \/>\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\/maricopa-county-signs-42-ksf-office-lease\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/maricopa-county-signs-42-ksf-office-lease\/\",\"name\":\"Maricopa County Signs 42 KSF Office Lease - 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