“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ . ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. 520-975-5207 or email me walterunger@ccim.net. VIEW ALL OF WALTERS LISTINGS.
By Jennifer Purifoy l Kasten Long Commercial Group | February 14th, 2018
Originally posted in Phoenix Business Journal February 14, 2018
Six national real estate trends for 2018 mirror what’s happening in the Phoenix metro area, according to JLL. VITANOVSKI
JLL has identified six trends that will impact tech companies’ real estate decisions in 2018, according to the latest JLL Tech Office Insight research report.
While these six trends are national in scope, Matt Coxhead, JLL’s executive vice president, describes how each trend applies to Phoenix.
- Talent is the target: “With more than seven years of economic expansion, competition for the brightest people is at an all-time high with no signs of slowing. Because of this, JLL expects more secondary and tertiary markets to be the beneficiary of corporate expansions,” according to JLL.
How this applies to Phoenix:
“Phoenix is a hot market that has experienced a lot of organic growth from local tech companies and corporate expansions from other markets,” Coxhead said. “Many of these companies, headquartered in Tier 1 U.S. markets, are locating support operations here in Phoenix.”
As competition for labor increases, Coxhead said JLL is “seeing these companies get very creative with incentive packages, focusing on the environment for their employees when they come to work.
“Companies are striving to offer cool and different work environments to make employees happy,” he said. “Common office characteristics we’re seeing are: indoor/outdoor space; multiple options for employees to move around the office during the day, rather than be tied to a desk; unique break areas, where employees can relax and come together; and freebies such as snacks, coffee bars, etc.”
Tempe-based online car seller Carvana Co. (NYSE: CVNA) moved its headquarters to Tempe from Phoenix in 2017, featuring open work spaces, colorful murals, Starbucks coffee machines, a relaxation area with fake grass and a fancy library with a hidden bar and a poker game room behind the chain-link curtain.
- Cost is irrelevant: “The future of work is changing, and making good investments in the workplace is becoming more and more critical to a company’s success. Companies that focus on the location of their office as well as the human experience of their workplace will be most successful. While a nicer office, location and amenities may cost more, what a company will get in return is worth every penny,” according to JLL.
How this applies to Phoenix:
“This is completely true in the Valley,” Coxhead said. “The submarkets along the Loop 101 (Tempe, south Scottsdale and central Scottsdale), where tech companies have been locating to access the millennial population, are some of the most expensive submarkets in metro Phoenix. However, there are a lot of desirable amenities in these areas so tech companies are willing to spend a little more on rent to provide their employees with a great live-work-play environment. Companies are recognizing that employee wellness and happiness will lead to greater productivity, which will outweigh the higher rental costs in the long run.”
Scottsdale-based GoDaddy (NYSE: GDDY) is a great example, he said.
“The company moved from north Scottsdale to the southeast Valley (Tempe), where talent is concentrated, and built an amazing campus with a basketball court, race track, slides, etc. to give their employees that great experience when they come to work,” Coxhead said.
GoDaddy opened its two-story global technology center in October 2014 in Tempe with former CEO Blake Irving driving through the company logo banner on a GoDaddy-inspired orange and lime green pedal go-kart.
- Reversal of density: “The trend toward efficiency has reigned supreme. As a result, the concept of the personal office has been largely eliminated from a technology company’s space design and personal work space has been reduced from what was once an industry standard of 350 square feet to as low as 50 square feet,” according to JLL.
How this applies to Phoenix:
“Most tech companies in Phoenix have built out their office space using the open floor-plan concept,” Coxhead said. “Private offices, if any, are reserved for people with extremely focused job functions, such as accounting or human resources. However, part of the open-floor concept includes small, private phone call rooms or conference rooms for employees to find privacy when needed.”
Phoenix-based cloud marketing software and media services provider Integrate Inc. is a great example of this trend, he said.
“The company moved from Old Town Scottsdale, where their space consisted of a lot of private offices that restricted collaboration between business lines,” Coxhead said. “The new office, located in downtown Phoenix, is completely open with no private offices, only small phone rooms. The space is so open you can see all the way from one end to the other.”
Integrate leased the entire 19th floor penthouse level of the Monroe building at 111 W. Monroe St. and moved its more than 90 employees into the anchor office in 2017.
- Flexible space evolution: “Co-working is here to stay, because as it turns out, a lot of people like it. Additionally, flex office options offer additional options on short notice, without sacrificing culture.Expect to see a blurring of lines between not only traditional co-working centers and the traditional office, but also hotel lobbies, coffee shops, retail banking centers and office common areas to serve,” according to JLL.
How this applies to Phoenix:
“Some users in Phoenix are dipping their toes in these waters, so to speak,” Coxhead said. “They are mostly new companies entering the market that need temporary space or want to feel out the market before opening full operations here, at which time they lease their own space.”
New co-working operations are entering the Phoenix market but Coxhead said he hasn’t seen major, established companies use the services as in other markets.
Phoenix-based co-working space Co+Hoots announced earlier this month it was spreading its wings and expanding to downtown Mesa as part of the planned $60 million Grid mixed-use development.
- Generations matter: “The suburbs aren’t dead. As millennials come of age, they will be buying homes and settling down. It may not look the same as their elders’ generation, but they will need housing, and they will want to make their work-life balance easier,” according to JLL.
How this applies to Phoenix:
“We expect this will be the case in Phoenix,” Coxhead said. “It’s true that millennials may take longer to settle down, but not all are going to want to live in urban environments their entire lives. We expect we’ll see a healthy mix of millennials invest in urban environments as well as suburban ones.”
It could take the average millennial almost 12 years to afford a home in Phoenix, but it could take them more than 32 years to afford a down payment in Los Angeles and more then two decades to squirrel away enough money for a down payment in Silicon Valley, San Francisco and New York.
- Cost of living is a top concern: “Markets with the greatest tech job growth this cycle have also seen the greatest increase in the cost of living. Many a talented tech professional will remain in the top markets, but there are many more that want all of the quality living without the cost,” according to JLL.
How this applies to Phoenix:
“Phoenix has seen a 48 percent increase in people employed in tech occupations in the last five years, adding nearly 4,000 new tech employees in the last year alone,” Coxhead said. “On track with national trends, metro Phoenix has seen a significant increase in multi-family rental rates in recent years. In fact, Phoenix ranks among the top quartile of U.S. metros in terms of rent growth. However, compared to primary markets, Phoenix still offers significant cost of living savings.”
Besides cost of living, he said, tech companies will continue to locate in Phoenix because of the talent produced by Arizona State University and University of Arizona.
“Much of this talent is staying in Phoenix after they graduate due to the high quality of life,” he said.
The downtown Phoenix Warehouse District has turned into a tech hub with more companies moving to the area, including Phoenix-based software company WebPT and Denver-based technology learning space Galvanize Inc., which has its third largest campus in Phoenix.
SEE IT ALL: http://klcommercialgroup.com/news/exclusive-6-trends-2018-will-impact-tech-real-estate-decisions-valley/
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ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. 520-975-5207 or email me walterunger@ccim.net
Timeline of Arizona from 900 BC – 2017
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
FROM ME:
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
PLEASE CALL ME 520-975-5207 OR E-MAIL ME walterunger@ccim.net
ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. 520-975-5207 or email me walterunger@ccim.net
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8 Reasons You Should Invest in Land
Timeline of Arizona from 900 BC – 2017
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION
ARIZONA FACTS – YEAR 1848 TO 2013
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
PHOENIX PROJECTED AS NUMBER ONE US HOUSING MARKET FOR 2017
LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17
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2016 Official Arizona Visitors Guide
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
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I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
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Walter Unger CCIM
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