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Phoenix among top growth markets for office leasing by tech companies

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Posted at 8:49 AM, Feb 02, 2022
and last updated 2022-02-02 10:49:01-05

PHOENIX — Between 2010 and 2020, Phoenix was one of the top markets for annual growth in leasing by technology-related companies, with 27% annual average growth.

The growth placed Phoenix second in the country for increased office leasing by tech companies, behind Raleigh-Durham, North Carolina, which saw 33% annual average growth, according to national data from JLL. Before the Covid-19 pandemic, Phoenix-area economic development advocates touted the growth of technology-related companies in the metro, and in the years since the onset of the pandemic, tech companies have taken space at some of the Valley’s most visible office buildings.

Before the pandemic, Amazon signed a lease for about 95,000 square feet at 100 Mill, the office tower being developed by Cousins Properties and Hines at Mill Avenue and Rio Salado Parkway in Tempe, where Deloitte also had leased space.

In late 2021, before the building was complete, Amazon committed to another 63,000 square feet, bringing its footprint to 158,000 square feet in the building. Amazon was behind another of 2021’s largest office leases, taking 100,000 square feet at Quadrum Tempe.

Read more of this story from the Phoenix Business Journal.