PHOENIX
OFFICE MARKET HANGS ON TIGHT
Local Businesses Take Advantage of Increased Space and Lower Rents
Scottsdale
,
Arizona -- Apr 10, 2008 -
In its highly anticipated first quarter 2008 report, Prudential CRES Commercial Real Estate's
Arizona operation reports lower demand due to slower job creation, higher vacancy and a favorable market for tenants.
In the face of a softer office market,
Phoenix buyers and tenants reassess business expectations and economic conditions at the start of 2008.
Slowing rent growth will allow tenants to obtain additional space, which will alleviate increasing vacancy throughout the Valley, most specifically in the suburban submarkets. Opportunities are available to tenants seeking expansion in the
Phoenix metro office market.
In Prudential CRES Commercial Real Estate's first-quarter report, vacancy was calculated at 15.2%.
1,050,000 square feet of office space was delivered in the first quarter and the Valley has over 5 million square feet in the planning stage. Net absorption totaled an approximate negative 50,000 square feet. New space will increase by over 4 million square feet in 2008.
Prudential CRES
forecasts that vacancy will continue to increase this year, however it can be expected to moderate by year-end into 2009.
Office condo sales are expected to grow as businesses reassess the advantages of owning versus leasing. Building owners have been re-pricing to meet on-going demand.
"Throughout 2008, vacancy will rise modestly before leveling out," says David Illsley, managing director/designated broker of the Prudential CRES Commercial Real Estate's
Arizona operation. "The long-term economic outlook remains favorable for
Arizona with the
Phoenix metro office market being a cost-effective location for many businesses."
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Prudential CRES Commercial Real Estate
Appoints Lisa Lyons as Managing Director in
Nevada
LAS VEGAS,
Nev. -- Apr 10, 2008 - Prudential CRES Commercial Real Estate has named Lisa Lyons managing director in
Nevada.
Lyons will manage the company's efforts throughout the state including the
Las Vegas office, which handled more than $200 million in transactions last year.
Lyons will be responsible for managing ongoing client transactional assignments, analysis of local market conditions, and maintaining a strong awareness of local office inventory through engagement of the brokerage community.
Lyons comes to
Prudential CRES with more than 15 years' professional experience in commercial real estate.
Prior to joining Prudential CRES, Lyons was at Commercial Partners of Nevada where they specialized in leasing, subleasing and sales of office properties and land in Reno and the surrounding area.
Earlier in her career,
Lyons was the director of corporate resources for Handspring where she was instrumental in the company's phenomenal growth.
Being one of the first 8 employees, she helped grow the company from a small start-up to more than 450 employees in three countries in just five years.
She started her career in
Santa Clara,
Calif., in commercial real estate.
"Lisa is joining us at a time when we are making an aggressive move in the
Nevada marketplace to grow and increase our presence," says
Art Carll, regional vice president of
Prudential CRES.
"Lisa's experience in managing growth and driving sales will help promote the successful implementation of our strategic expansion plan."
A native of southern
California,
Lyons is a third-generation Realtor.
She is active in CREW (Commercial Real Estate Women) and is a member of the National Association of Realtors and supports NAIOP and SIOR.
In her spare time,
Lyons volunteers at a historical school in
Virginia City,
Nev., where she works to preserve
Nevada's history.
She is also a volunteer facilitator at The Solace Tree, a center for children and teens who have lost loved ones.
Prudential CRES Commercial Real Estate is an affiliate of
Prudential CRES, a global system of commercial real estate industry leaders.
Prudential CRES Commercial Real Estate's local market knowledge of
Arizona and
Nevada, combined with its international presence through other
Prudential CRES affiliates, makes it uniquely qualified to provide the highest level of commercial real estate services.
Prudential CRES Commercial Real Estate specializes in all commercial disciplines including office, industrial, multi-family, medical, retail and investment services.
Prudential CRES Commercial Real Estate is located at
14287 N. 87th Street, Su ite 220, in
Scottsdale, and at
127 E. Warm Springs Road, Suite A, in
Las Vegas. For more information contact Marnie Settle in
Las Vegas at
(702)
363-8400 or visit the company website at
www.prucres.com
.
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Phoenix Office Remained Buoyant Throughout 2007