Angela Gonzales of the Phoenix Business Journal reports that downtown Phoenix is experiencing an increase in tenants within its Arizona office space for lease. Prior to the economy’s stabilization, new tenants were hard to come by for many office buildings because moving spaces was just another cost for companies looking to cut back on spending. However, as a sign of the improving economic times, companies are now able to look into expanding into bigger and better spaces, and Phoenix is one of the best places to make that move.

Phoenix has long been considered a hotspot for entrepreneurial activity because of its pro-business atmosphere and beautiful Arizona office space for lease. Particularly since it is so close to an international airport, businesses with global clients are able to benefit from the airport’s close proximity, as well as other benefits like business-friendly taxes and programs. However, even Phoenix experienced a stagnant period in which office spaces stood vacant for stretches of time, especially downtown Phoenix, where a majority of office complexes stand. Thanks to today’s improving economy, organizations like United Healthcare of Arizona are able to consider Arizona office space for lease in promising areas like Phoenix. CEO Benton Davis plans to move into downtown Phoenix’s CityScape at the beginning of June, leasing 150,000 square feet of space within the complex. This is enough space to consolidate 650 to 700 workers, but also provides room for the company to grow to 900 employees.

Denton was quoted by Gonzales as saying, “We have space earmarked to add another 200 downtown.” The location works for United Healthcare because downtown Phoenix is close to “University of Arizona’s medical school, Arizona State University’s nursing school, and the research hub anchored by the Translational Genomics Research Institute.” Furthermore, the Phoenix School of Law is planning a move into the complex across the street from CityScape. This will bring 800 law students into the area, providing them access to courts and law firms in the surrounding metropolitan area.

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Source: http://www.bizjournals.com/phoenix/blog/business/2011/05/downtown-phoenix-office-space-filling-up.html

As reported in the Phoenix Business Journal, the Phoenix City Council recently approved $14 million to help support the University of Arizona’s planned construction towards a Cancer Center on the Phoenix Biomedical Campus. As a testament to the improving economic climate, this move signifies a departure from the previously stringent mood in the commercial lease Phoenix world. Everyone from landlords to housing construction companies were less than willing to invest in big-dollar projects because of the ever-present risk of losing a large amount of cash. Now, however, the economy is slowly but surely making steps to recover from a down period, as exemplified by this large amount of money voted upon by the Phoenix City Council.

Commercial lease Phoenix provides necessary jobs and revenue; similarly, the Cancer Center is set on providing necessary healthcare positions and visitors to the city of Phoenix. Once construction is completed, the $135 million project will host 200,000 patient-visits annually, bringing in 500,000 new visitors each year to Phoenix, based on current estimates. This Center will create approximately 800 permanent biomedical jobs and create an economic impact of about $250 million. The benefits of this Center are obvious because of the hundreds of jobs being created and new tax revenues being put into place – most importantly, however, the Center will engage and encourage patient care, research, outreach, and education. In exchange for Phoenix’s financial commitment, the University of Arizona can begin this large project immediately.

Until now, Phoenix had been the largest U.S. city without a National Cancer Institute-designated Cancer Center. This new and exciting addition to the Phoenix biomedical campus has high potential for becoming a hubbub of engaging and innovative activities geared towards cancer treatment and research. In the plan put before the council, city staff said that “the plan would be a significant addition of a clinical health care component to the City’s Phoenix Biomedical Campus and is crucial to achieving the City Council-adopted master plan for the campus.” Furthermore, it “will strengthen the community’s bio industry cluster while creating synergies for the city’s tenants, including TGen and IGC.”

Construction is to begin as soon as possible. Without a doubt, the city of Phoenix and the state of Arizona eagerly await its completion, particularly since the center’s presence downtown will add a clinical healthcare component to the Phoenix biomedical campus.

Source: http://www.bizjournals.com/phoenix/news/2011/05/18/phoenix-approves-14-million-for.html