As reported by Max Jarman from the Arizona Republic, commercial real estate isn’t just limited to office space. It also includes retail space, which has recently experienced a small but certain building boom in Phoenix, which can be attributed to prime AZ commercial lease bargains and opportunities for expansion. Unlike other expansions, which found business owners setting up shop in new-growth areas, the current movement is filling up established high-traffic locations with the intent of increasing overall visibility for these new businesses.
This redevelopment trend was slow to take hold in the metropolitan Phoenix area, but with real estate prices and lease rates becoming affordable for more businesses, relocating to an area with high customer traffic has become a possibility. Some of the areas of Phoenix experiencing the highest sites of AZ commercial lease interest include the Metrocenter and McDowell Road. Let’s take a look at some of the specifics about this movement.
Seventh Ave and McDowell Road
This commercial destination is home to amazing historic buildings which play into the area’s 1920s charm. New developments in this location include an old antique mall being transformed into a modern shopping center, and a number of new restaurants which have already experienced promising attention. These successes have prompted development groups to look into more opportunities for expansion, which is an excellent sign for the progress of Phoenix thanks to the inevitable profusion of new jobs and commerce. Other developments include the renovation of a historic building so that it can be used as an antique mall.
The Phoenix Metrocenter has had some ups-and-downs over the past few years, but its image is beginning to change as more businesses begin to set up shop in this high-traffic location. Due to its freeway access and proximity to high-density residential areas and employment centers, the Metrocenter has experienced the recognition of its potential in the form of several new restaurants opening in the past few months. The strong demographics of the area are expected to continue to inspire businesses to make the move to Phoenix as part of a successful AZ commercial lease.
Make the most of Phoenix’s new image by learning more about AZ commercial lease today. The professional staff at Camroad Properties are more than happy to answer your questions about commercial office space opportunities in the heart of one of Arizona’s most desirable business locations. Contact a representative for more information!