{"id":1004594674,"date":"2022-08-09T08:03:45","date_gmt":"2022-08-09T16:03:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004594674"},"modified":"2022-12-08T19:12:53","modified_gmt":"2022-12-09T03:12:53","slug":"office-investments-cooled-in-phoenix-in-q2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/","title":{"rendered":"Office Investment Cools in Phoenix"},"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>Phoenix office investments totaled nearly 2.9 million square feet in the second quarter of 2022, according to <strong>CommercialEdge<\/strong>, with some 1.4 million changing hands in June. The quarterly total shows less investment activity than the one recorded in the first three months of the year, when transactions had totaled nearly 3.3 million square feet. On a year-over-year basis, the traded square footage was 48 percent higher than the one of 2021\u2019s second quarter, when more than 1.9 million square feet had changed hands.<\/p>\n<p>The Valley\u2019s deals year-to-date added up to more than $1.4 billion as of June, at an average price of $292 per square foot, 6.8 percent higher than the national $272 per square foot. The figures show solid improvement over the year, as sales had totaled $550 million at an average $208 per square foot in the first half of 2021. On a quarter-over-quarter basis, sale prices fell by 13.9 percent; transactions had closed at $339 per square foot in March.<\/p>\n<h2>Second quarter&#8217;s notable deals<\/h2>\n<p>The quarter&#8217;s office investments included Class A and B properties, the latter making up 63.6 percent of the sales mix. Also, 72.7 percent of deals closed in suburban submarkets. Investors acquired mainly traditional office space, with only 408,000 square feet pertaining to medical office purchases.<\/p>\n<div id=\"attachment_1004594681\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/5310-E.-High-St.-e1659343405133.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004594681\" data-attachment-id=\"1004594681\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/5310-e-high-st\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/5310-E.-High-St.-e1659343405133.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&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;0&quot;}\" data-image-title=\"5310 E. High St.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;5310 E. High St.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/5310-E.-High-St.-e1659343405133.jpg?w=1000\" class=\"wp-image-1004594681 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/5310-E.-High-St.-e1659343405133.jpg?w=300\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/5310-E.-High-St.-e1659343405133.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/5310-E.-High-St.-e1659343405133.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/5310-E.-High-St.-e1659343405133.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004594681\" class=\"wp-caption-text\">5310 E. High St.<\/p><\/div>\n<p>The quarter\u2019s largest transaction involving office space was the $172 million sale of High Street, a mixed-use development in Phoenix comprising six office buildings totaling more than 460,000 square feet, as well as residential and retail space. <strong>Rood Investments<\/strong> acquired the asset from a joint venture between <strong>ScanlanKemperBard Cos.<\/strong> and <strong>Herbert Management Corp.<\/strong> in June. The sale included both the 19.3-acre site of High Street\u2019s completed Phase I and a 4.9-acre swath of land where Phase II will take shape.<\/p>\n<p>However, the sale of the siziest single-building office property closed in May. New York City-based <strong>Time Equities Inc.<\/strong> entered the Phoenix market with the <a href=\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-jv-sells-phoenix-asset\/\">purchase of Paradise Village Office Park<\/a>, a five-story, 268,598-square-foot building. <strong>Sterling Equities<\/strong> and <strong>Lincoln Property Co.<\/strong> sold the Class B asset for $43 million, with the assistance of CBRE.<\/p>\n<p><em><a href=\"https:\/\/www.commercialedge.com\/\">CommercialEdge<\/a> <span style=\"color: #000000\">covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report<\/span> <a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report\/\">here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The second quarter&#8217;s deals totaled some 2.9 million square feet.<\/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-1004594674","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":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Office Investment Cools in Phoenix - CPE<\/title>\n<meta name=\"description\" content=\"Office investments across Greater Phoenix totaled 2.9 million square feet in the second quarter of 2022, according to CommercialEdge.\" \/>\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\/office-investments-cooled-in-phoenix-in-q2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Office Investment Cools in Phoenix\" \/>\n<meta property=\"og:description\" content=\"Office investments across Greater Phoenix totaled 2.9 million square feet in the second quarter of 2022, according to CommercialEdge.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/\" \/>\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=\"2022-08-09T16:03:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:12:53+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\/office-investments-cooled-in-phoenix-in-q2\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/\",\"name\":\"Office Investment Cools in Phoenix - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\",\"datePublished\":\"2022-08-09T16:03:45+00:00\",\"dateModified\":\"2022-12-09T03:12:53+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d8680cf55f814fe2742cf94207212af1\"},\"description\":\"Office investments across Greater Phoenix totaled 2.9 million square feet in the second quarter of 2022, according to CommercialEdge.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\",\"width\":1200,\"height\":930},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Office Investment Cools in Phoenix\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d8680cf55f814fe2742cf94207212af1\",\"name\":\"Adriana Marinescu\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g\",\"caption\":\"Adriana Marinescu\"},\"description\":\"Adriana Marinescu is an associate editor with Commercial Property Executive and Multi-Housing News. She joined the CPE-MHN team in 2019.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/adriana-marinescu\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Office Investment Cools in Phoenix - CPE","description":"Office investments across Greater Phoenix totaled 2.9 million square feet in the second quarter of 2022, according to CommercialEdge.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/","og_locale":"en_US","og_type":"article","og_title":"Office Investment Cools in Phoenix","og_description":"Office investments across Greater Phoenix totaled 2.9 million square feet in the second quarter of 2022, according to CommercialEdge.","og_url":"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2022-08-09T16:03:45+00:00","article_modified_time":"2022-12-09T03:12:53+00:00","og_image":[{"width":1200,"height":930,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","type":"image\/jpeg"}],"author":"Adriana Marinescu","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/","url":"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/","name":"Office Investment Cools in Phoenix - CPE","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","datePublished":"2022-08-09T16:03:45+00:00","dateModified":"2022-12-09T03:12:53+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d8680cf55f814fe2742cf94207212af1"},"description":"Office investments across Greater Phoenix totaled 2.9 million square feet in the second quarter of 2022, according to CommercialEdge.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","width":1200,"height":930},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/office-investments-cooled-in-phoenix-in-q2\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Office Investment Cools in Phoenix"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d8680cf55f814fe2742cf94207212af1","name":"Adriana Marinescu","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/2444a0eb00095b2b409c152dd217bf8709009d4718eec6c8c435940e3ea1cb67?s=96&d=mm&r=g","caption":"Adriana Marinescu"},"description":"Adriana Marinescu is an associate editor with Commercial Property Executive and Multi-Housing News. She joined the CPE-MHN team in 2019.","url":"https:\/\/www.commercialsearch.com\/news\/author\/adriana-marinescu\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004594674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/870"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004594674"}],"version-history":[{"count":9,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004594674\/revisions"}],"predecessor-version":[{"id":1004610986,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004594674\/revisions\/1004610986"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004545005"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004594674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004594674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004594674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}