Scottsdale is one of the major office submarkets in the Greater Phoenix Area. Tenants express their interest in renting different types of workspaces there, benefiting from the geostrategic position this city occupies in Arizona state, its extensive and talented workforce pool, favorable conditions for running businesses, etc. After the global recession was over, the commercial real estate market of the city has gone through a long and gradual recovery. Currently, it boasts one of the lowest vacancy rates (less than 10%) in the entire metropolitan region. Its further growth is fueled by the increase of demand for high-quality workspace coming from such industries as ICT, engineering, healthcare, aviation, finance and insurance, etc. The common theme among the market appears to be the emphasis on the construction and renovation of workspace to meet the needs of the pickiest occupiers. Thus, alongside serving the traditional purposes, many office spaces in Scottsdale are dedicated to mix-use. Many buildings unite offices and residential, leisure, retail, industrial units, under one roof.
