{"id":1004576607,"date":"2022-04-22T05:37:00","date_gmt":"2022-04-22T13:37:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004576607"},"modified":"2022-12-08T07:57:56","modified_gmt":"2022-12-08T15:57:56","slug":"office-investments-on-the-rise-in-greater-phoenix","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/office-investments-on-the-rise-in-greater-phoenix\/","title":{"rendered":"Office Investments Heat Up in Greater Phoenix"},"content":{"rendered":"

\"\"<\/a>Some 941,913 square feet of office space traded across Greater Phoenix in February, according to CommercialEdge<\/strong>. The value indicates a 62.8 percent increase month-over-month, as January\u2019s transactions totaled 578,713 square feet. On a year-over-year basis, the traded square footage was 80.5 percent higher than the one of February 2021, when 521,693 square feet changed hands.<\/p>\n

The Valley\u2019s office deals year-to-date added up to nearly $257 million at an average price of $228 per square foot, 24.6 percent lower than the national $284 per square foot. The figures show solid improvement year-over-year, as sales totaled $198 million at an average $208 per square foot in the first two months of 2021.<\/p>\n

Most transactions involved Class B and C properties, with only one Class A asset in the sales mix. Also, 90 percent of deals involved traditional office space. Of the total, 393,610 square feet changed hands in urban submarkets.<\/p>\n

The month\u2019s largest sale in terms of square footage involved a property located in the Phoenix-North Mountain submarket. Idaho-based Stafford Holdings<\/strong> paid $23 million for Concorde Commerce Center, a Class B asset totaling 138,700 square feet. The seller was a joint venture between ViaWest Group<\/strong> and Taconic Capital Advisors<\/strong>. The buyer financed the purchase with a $16 million note from StanCorp Financial Group<\/strong>.<\/p>\n

The second largest property to trade in February was a 130,000-square-foot medical office building in Gilbert. Dallas-based Altera Fund Advisors<\/strong> acquired Rome Towers<\/a> in a four-asset, $75 million portfolio transaction, thus making its entry into the Greater Phoenix medical office market. Woodside Health<\/strong> sold the Class A asset together with two medical facilities in Middleburg Heights, Ohio, and one in San Antonio.<\/p>\n

CommercialEdge<\/a> 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":"

February brought an uptick in office transactions across the metro, 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":[22251,21742,21747,1601,15],"tags":[51047,50674],"class_list":["post-1004576607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-latest","category-office","category-phoenix","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nPhoenix Office Market Investment Update<\/title>\n<meta name=\"description\" content=\"Some 941,913 square feet of office space traded in Greater Phoenix in February, up 62.8 percent month-over-month, CommercialEdge shows.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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