{"id":1004560460,"date":"2021-12-30T06:39:22","date_gmt":"2021-12-30T14:39:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004560460"},"modified":"2022-12-04T08:09:33","modified_gmt":"2022-12-04T16:09:33","slug":"phoenix-market-update-investments-head-downward","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-investments-head-downward\/","title":{"rendered":"Phoenix Market Update: Investments Head Downward"},"content":{"rendered":"

\"\"<\/a>Only 262,430 square feet of office space sold across Greater Phoenix in November, according to CommercialEdge. The value indicates an 89 percent drop month-over-month, as October\u2019s office transactions<\/a> amounted to 2,378,367 square feet. Even more, the traded square footage was less than half of the one of November 2020, when 543,754 square feet changed hands.<\/p>\n

The Valley\u2019s deals year-to-date added up to nearly $1.9 billion at an average price of $220 per square foot, 32.3 percent lower than the national $291 per square foot. The figures show solid improvement when compared to the same period of 2020, when sales totaled $825.5 million at an average $213.5 per square foot.<\/p>\n

November\u2019s transactions included a mix of Class A and Class B properties, all pertaining to traditional office spaces; however, two of the three traded assets were also primed for medical office use. All deals closed in suburban submarkets.<\/p>\n

The month\u2019s largest sale in terms of square footage involved a property that is adjacent to Intel\u2019s Chandler campus. Northstar Commercial Partners sold the 10-building, 120,356-square-foot Chandler Center Commons to North Beacon Capital. The buyer paid $26.8 million for the Class B asset, financing the purchase with a $18.8 million note from Bellco Credit Union.<\/p>\n

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here<\/a>.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The metro\u2019s office transactions recorded an 89 percent drop month-over-month in November, 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":[21743,21783,21747,1601,15],"tags":[51047,50674],"class_list":["post-1004560460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-office","category-phoenix","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nPhoenix Market Update: Investments Head Downward - 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-head-downward\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phoenix Market Update: Investments Head Downward\" \/>\n<meta property=\"og:description\" content=\"The metro\u2019s office transactions recorded an 89 percent drop month-over-month in November, according to CommercialEdge.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-investments-head-downward\/\" \/>\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=\"2021-12-30T14:39:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T16:09:33+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-head-downward\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-investments-head-downward\/\",\"name\":\"Phoenix Market Update: Investments Head Downward - 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