According to CommercialEdge, there were about 2 million square feet under construction in February.
Accordingly, office construction in the entire greater Phoenix area continued quietly in February CommercialEdge, without additions to the pipeline of the subway. The Valley had approximately 2 million square feet of space under construction, representing 1.5 percent of the existing stock. All current developments are expected to be completed in the course of 2022.
Most projects will add traditional office space to The Valley’s portfolio. However, medical space accounts for 435,000 square feet, or 21.8 percent of the total area, and one of Metro’s largest doctor’s office developments will soon be added to the portfolio. The 275,157 square foot Phoenix VA Ambulance will come online at 400 N. 32nd St. in the Phoenix-Center City submarket. US Federal Property is behind the development of the five-story building, due for delivery in May.
Though the office pipeline has remained the same, more office space is on the horizon as one of Phoenix’s largest mixed-use projects kicked off in February. PV, the redevelopment of Phoenix’s 100-acre Paradise Valley Mall, was designed to include residential, office, hospitality, retail and entertainment facilities. RED development Groundbreaking for the first phase of the project, which will include a 400-unit condominium developed by StreetLights Residential, a Whole Value Market, a Harkins Dine-in Theater and three restaurants. Completion is expected in mid-2024.
CommercialEdge covers more than 8 million real estate records across the United States. View CommercialEdge’s latest national monthly office report here.