Commercial real estate in Scottsdale is still influenced by the economy, social factors and population trends. The city remains one of the top tourist destinations in the Southwest and the nation. Tourism, medical care, and office users continue to grow and thus the demand for commercial space.
As a popular destination, Scottsdale draws interests from many industries, making office space here competitive. Thus, finding the right type of information can be extremely important in helping you land your perfect office space. Rental properties for lease in Scottsdale, including office space for rent and commercial space for rent, can be found throughout the four neighborhood zones of Scottsdale.
Scottsdale is roughly divided into four distinct regions of the city, South Scottsdale, Old Town Scottsdale, Central Scottsdale, and North Scottsdale. Developed at different times in the city’s history, each region has a diverse presence to office space users in Scottsdale Arizona.
South Scottsdale has long been known as the working class region of the city. A large stretch of auto dealerships once formed the “Motor Mile” along McDowell Road. What was once one of the most profitable auto-miles in the US has been reborn as a hub of R&D. Arizona State University opened a new research facility to attract collaboration between the university, local Scottsdale business, and global companies.
Old Town Scottsdale, or Downtown, once the epicenter of the cowboy era has undergone a recent cultural revolution. Downtown Scottsdale now contains major nightlife, art galleries, fashion stores, and restaurants. It is also home to the Scottsdale Fashion Square Mall, which is one of the larger high-end malls in the United States. Recently, this district has new residential condominiums and hotels under construction.
Central Scottsdale, or The Shea Corridor, grew in size and construction in the 1970’s. Currently some of the most sought after residential homes are in this region, including Gainey Ranch and McCormick Ranch. Resort Corridor, named for the high number of resorts located on Scottsdale Road in the Shea Corridor, continues to grow as new resorts including the second Ritz Carlton are being built.
North Scottsdale continues to grow and be developed. It is a major commercial real estate hub for most of Scottsdale's office users. It is home of Scottsdale Airpark, one of the largest employment centers in the Phoenix metropolitan area. the Scottsdale Airpark has over 56,000 employees, 2,500 businesses and 23,000,000 sqft of office space and is expected to keep growing by over 2,500 employees per year. There are many national companies are headquartered or have regional headquarters in the park, including GE Capital, Discount Tire Company, DHL, Fidelity Investments, AXA, JDA Software, GoDaddy.com, and Vanguard Group.
The tourism industry in Scottsdale remains the city’s largest employer, but medical care, including the Mayo Clinic, and general office users continue to grow in the city.
The Airpark, an area immediately surrounding the Scottsdale Airport, has rapidly become one of the state’s regional center of commerce. The biggest employment center in the Phoenix Metropolitan Area is the combined central areas of Midtown and Downtown Phoenix, with an estimated 65,000 employees. But, with the many large, undeveloped parcels and new opportunities for growth in and around the still highly sought-after Airpark area in North Scottsdale, it is expected to overtake the central Phoenix markets soon, and when it does it will become the single largest center of employment in the Phoenix Metropolitan Area.