{"id":1004556183,"date":"2021-11-15T02:59:43","date_gmt":"2021-11-15T10:59:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004556183"},"modified":"2022-12-08T03:03:53","modified_gmt":"2022-12-08T11:03:53","slug":"phoenix-market-update-planned-developments-soar","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-planned-developments-soar\/","title":{"rendered":"Phoenix Market Update: Planned Developments Soar"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004545005\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-slow-and-steady-development-progress\/market-update-resized\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" data-orig-size=\"1200,930\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Patricia Todoran&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1497549143&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Market-Update-resized\" data-image-description=\"&lt;p&gt;Office Sales Update Q2&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=1024\" class=\"alignright wp-image-1004545005 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=300\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=768,595 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=1024,794 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Greater Phoenix saw only a small addition to its office pipeline in September, according to CommercialEdge data. The metro had some 2 million square feet of <a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-markets-for-office-construction-activity-5\/\">office space underway<\/a>, representing 1.5 percent of stock. More than 1.2 million square feet, or 60 percent of the total, are slated for completion by the end of the year.<\/p>\n<p>At the same time, The Valley witnessed a significant boost in planned projects. Its total pipeline, including planned and ongoing developments, was brought to 8.5 percent of stock, surpassing the national index by 250 basis points.<\/p>\n<p>One of the planned projects that moved forward in September is 250 Rio, a future Hines development that will add 216,000 square feet of office space to Tempe\u2019s inventory. In the beginning of the month, the developer acquired the 1.8-acre swath of land where the 14-story office building will rise. Groundbreaking is expected in late 2022, after the project receives the City\u2019s zoning approval.<\/p>\n<p>Also in September, the City of Litchfield Park officially started construction on Litchfield Square, a 400,000-square-foot mixed-use project designed to include office and retail spaces, as well as residential units and a 2.5-acre park. Slated for development in five phases, the $52 million project formerly known as City Center has an estimated completion date of 2028.<\/p>\n<p><em>CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report <a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report\/\">here<\/a>.&nbsp;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The total pipeline amounted to 8.5 percent of stock in September, according to CommercialEdge.<\/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":[21782,21742,21747,1601,15],"tags":[51047,50674],"class_list":["post-1004556183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-latest","category-office","category-phoenix","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Phoenix Market Update: Planned Developments Soar - 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