Smooth Navigation for Phoenix Office Developments

Some 2 million square feet were underway in February, according to CommercialEdge.

Office construction proceeded quietly in Greater Phoenix in February, according to business advantage, without any additions to the subway pipeline. Some 2 million square feet of space was under construction in the Valley, representing 1.5% of the stock. All ongoing developments are expected to be completed throughout 2022.

Most projects will add traditional office space to The Valley’s inventory. However, 435,000 square feet, or 21.8% of the total, is for medical space and one of the metro’s largest medical office developments will soon be added to the inventory. The 275,157 square foot Phoenix VA Outpatient Clinic comes online at 400 N. 32nd St. in the Phoenix-Center City submarket. US Federal Properties is behind the development of the five-storey building, which is scheduled for delivery in May.

While the office pipeline has remained the same, more office space is on the way as one of Phoenix’s largest mixed-use projects kicked off in February. PV, the 100-acre Paradise Valley Mall redevelopment in Phoenix, was designed to include residential, office and hospitality space, as well as retail and entertainment venues. RED development inaugurated the first phase of the project, which will include a 400-unit apartment community developed by StreetLights Residential, a Whole Foods Market, a Harkins Theater and three restaurants. Completion is scheduled for mid-2024.

CommercialEdge covers over 8 million property records in the United States. View the latest monthly report from the CommercialEdge National Office here.

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