If you work in the AZ office space industry, it’s important to keep up with the changing marketplace. New developments, including new office space in Tempe, Chandler, and Phoenix are on the horizon. Plus, there has been a notable new Arizona law and changes in the workforce. In this blog, we give a quick rundown on what you need to know to stay current with the Phoenix market.
At 35% of the labor force, Millennials are now the largest generation in the U.S. labor force. Additionally, Generation X — those born after 1996 — are starting to enter the workforce. Each generation has unique traits compared to those before and after, and companies should learn how the desires of these workforce member could change their commercial office spaces and company offerings.
Technology in the Marketplace
As new technologies enter the marketplace, regulations need to be created and commercial office spaces need to be suited and built around these forward-thinking businesses. This concept hits close to home, with the passage of the “regulatory sandbox” program in Arizona.
Under this program, emerging industries like cryptocurrencies, fintech (financial technology), and blockchain are given up to two years and the ability to service up to 10,000 customers before they are required to apply for a formal license.
With this program, Arizona should see an influx of these types of businesses. These forward-thinking organizations may expect office space with the newest technologies.
Last Year Compared to This Year
Our job market continues to improve. Data from second quarter of 2018 indicates a vacancy rate at 16.1%, which is the lowest rate Phoenix has seen since 2008 (16.6%).
When comparing Q2 in 2018 to Q2 in 2017, the Phoenix Valley has seen an increase in employment and a stagnant unemployment percentage. Vacancies are down, net absorption is up, square feet of construction is higher, and average asking rent has increased.
Growth in the Most Populous Phoenix Valley Cities
According to 2017 U.S. Census data, the top six most populated cities in the Phoenix Valley are:
- Phoenix 1,626,078
- Mesa 496,401
- Chandler 253,458
- Scottsdale 249,950
- Glendale 246,709
- Gilbert 242,354
Compared to 2010, there have been some notable changes:
- Phoenix 1,445,632
- Mesa 439,041
- Chandler 236,123
- Glendale 226,721
- Scottsdale 217,385
- Gilbert 208,453
All cities have experienced major growth. Scottsdale has overtaken the fourth spot from Glendale. Gilbert’s population saw a major bump, which is to be expected with their downtown corridor’s development.
Changes to Come
The growth in the Valley continues with many developments on the horizon. The central business districts — midtown and downtown Phoenix — have had more than 300,000 square feet of development built in the last quarter alone. These areas will see a sizable increase in hotel and apartment space.
Additionally, Tempe and Chandler have some sizable developments in the last quarter.
Tempe North: 764,206 square feet
Price Corridor: 356,427 square feet
Chandler/Gilbert/202: 155,380 square feet
From notable developments, an improved job market, an increase in population, and changes in the workforce and regulations, the Phoenix marketplace will continue to see substantial changes.
Owners of AZ office space need to stay current with these trends to keep a healthy business. Did we miss anything? Let us know by commenting on our LinkedIn page. If you’re searching for office space in areas like Tempe, Chandler, Phoenix, contact us.
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When you’re looking for office space in AZ, you should consider hiring a local commercial real estate company. Why? For starters, a good commercial real estate company will be able to tell you everything about the local market. A local company will match your business with the perfect Phoenix office space to compliment your business and help it reach its full potential.
1. A local commercial real estate company will save your business’ money.
A local company typically means a smaller company. With a small company, you’ll save time and have a direct line to the brokers. Employees at a local company have been in the field for a longer time than those at a larger corporation.
2. A local commercial real estate company knows the market.
Since they have spent so much time in the local market, they will be able to provide you with a vast and full understanding of the area. Companies looking for specific attributes for their office space in AZ will save time by choosing to work with a local company. Local companies are already aware of key demographics and other important factors when selecting an office space.
3. A local commercial real estate company will focus on your needs.
The local commercial real estate company will not hassle you into choosing a location that is good for their business. Local companies will work tirelessly to find the perfect office space in AZ for you and your business. Larger companies may have ties to companies they will want to uphold, so they could potentially use you for their own gains to fulfill their side of the deal.
4. A local commercial real estate company will provide fair and easy negotiations.
Local real estate companies have a history with, and a direct line to, the market, making the negotiations flow smoothly. Your broker has mostly liked worked a similar contract in the past and knows how to get you the best contract possible. Likewise, a smaller company will take a smaller commission than a larger firm, which has more employees.
When you’re ready to find the perfect office space in AZ for your business, you need to think local. Choosing a local real estate company can benefit your business and give it the boost it needs. After all, going local is just one more way to announce how your business is ready to fit into the community.
Tell us about your favorite part of working with local companies. Did you think the local firm has more insight versus working with a larger corporation? If you need help finding office space in AZ, contact Camroad Properties and discover all the locations that are currently available for lease. Check out our blog for more tips and advice on office culture!
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If you own a small business with office space in Arizona, you know that every dollar counts. When it comes to marketing, it can feel impossible to make an impact on a shoestring budget. Thankfully, there are multiple options to generate effective marketing results in an affordable way. Whether you’re a resident business at one of our Tempe office spaces or own a business on the other side of the country, these marketing tips can be implemented.
Content that is helpful, informative, or entertaining can be a marketing asset for your company. Blogging is a way for people to learn more about your business when visiting your website and can help your website’s search engine optimization (SEO).
Blogs also make excellent social media content to push users to your website. If your blog content is evergreen, they can be utilized on social media long after the original post was published. If you repost blog content that is more than six month old, adjust the publish day to make the content appear timely. Don’t forget to review the blog and update the content accordingly.
Showcase Your Staff
Wondering how to connect with your followers? Highlight your team members. Storytelling and adding a human connection are impactful ways to resonate with your followers.
For example, start a social media series introducing your employees. Include a photo, what they do at your company, and fun facts like what they like to do on the weekends, their favorite local restaurant, and where they’re from.
Crafting a “day in the life” campaign for each staff member will give followers a new understanding of what goes into your small business. This campaign can also be repurposed at a recruiting tool when hiring additional staff members in the same role.
While a professional video may be out of your budget, creating a video with your smartphone is a great way to market your business. Use Instagram’s new IGTV or live features on Instagram and Facebook to generate organic reach for your business.
Video is a great way to show potential customers a behind-the-scenes glimpse into your business. Show how your products are made — time-lapse video may be a great tool for this —, create tutorials, and share exciting updates.
Keep it Small
Remind social followers often that you’re a small business. Partner with other small business to craft a new product, send handwritten thank you notes to clients, remember your customers’ preferences, and ask how their daughter’s dance recital went.
Whether you’re a resident business at one of our Tempe office spaces or practice business in a completely different state, we hope these tips help you market your small business. Have you found great results with an inexpensive marketing tool that we didn’t mention? Let us know on our LinkedIn page. If you’re looking for office space in AZ, we’d love to help.
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Your Arizona office space layout can have a large impact on your business. A poorly arranged office can make it difficult for workers to concentrate and negatively impact productivity. If you’re searching for a new Arizona commercial office or interested in redesign your current space, there are few things to consider.
Before planning the office layout take note of power outlet locations. Desk spaces and their accompanying electronics will dictate your office flow. Ensure you designate outlets for important equipment like your Wi-Fi router, internet modem, and printer.
If your Arizona office space doesn’t already include adequate built-in storage or closets, you will need to think about space for your office supplies. Make sure the materials are in an accessible area.
3. Conversations and Celebrations
To have a healthy work environment, your employees will need a space to congregate for non-business activities. Eating lunch together and celebrating birthday, holidays, and work anniversaries in a common space large enough for the entire team will produce comradery and strong office culture.
If your business is large enough to have department teams, you will need to think about placing team members near each other when forming a layout. Keeping team members or employees who work together often in the same location can help facilitate a productive workflow and increase efficiency.
Furniture and décor offer an opportunity to bring your company’s personality into your office. Selecting furniture and décor pieces that are functional and match your brand will make the office space yours. Many organizations hire an interior designer to help with decorating.
6. Room to Grow
You should always leave room to grow when you’re setting up your Arizona office space. Even if there is no current plan to increase staff, having room available will keep you prepared to hire personnel in the future.
Some colors have been known to decrease productivity by causing gloominess and depression, while others can aid in creativity and focus. Depending on the type of work you do, you should customize your office space accordingly. When painting walls, try out multiple swatches before committing to a color.
8. Quiet Spaces
For introverts and those looking for a space free from distractions, offer small rooms or spaces where employees can work. These can also be used as meeting spaces and “phone booths” if you have an open office space.
9. Input From Your Team
Employees want to feel like they are part of the process. If possible, reach out to your team and ask what they would like in an office. While you may not be able to take every idea, you can consider everyone’s opinions and make each member feel like a part of the team.
When you consider items like a quiet space, color, and your employees’ input, you can create an Arizona office space fit for your team. Did we miss anything? Let us know by commenting on our LinkedIn page. If you’re searching for a new Arizona commercial office space, contact us.
Photo source: https://www.pexels.com/photo/architectural-design-architecture-ceiling-chairs-380768/
A trend in small and large businesses alike is providing snacks and beverages to employees as an added benefit. If your office space in AZ always has a stocked pantry and refrigerator, it can be tempting to snack throughout the day. While there is no delineation on if snacking is a positive or negative habit, nutritionists do tend to agree that mindless snacking should be avoided. Find out how to control the munchies in your Arizona commercial office.
Many times when a snack craving emerges, the real culprit is thirst. When your body is dehydrated it can mistake the feeling of thirst for hunger. Keep a water bottle at your desk and track how much water you are drinking throughout the day. To determine how much water you should drink each day, multiply your weight in pounds by 2/3 (or 67%). That number is the amount of water, in ounces, you should aim to drink each day. Depending on your activity level, add an additional 12 ounces of water for every 30 minutes you workout.
Eat Satisfying Meals
If you tend to skip breakfast or lunch, hunger will likely drive you towards the office kitchen. Plan ahead to ensure you have time in the morning for a balanced breakfast and pack a healthy lunch. Keeping hunger at bay will help you avoid mindless snacking.
Kill Cravings with Mint
The taste of mint cleanses your palate and has the potential to stop cravings. Keep a toothbrush and toothpaste at work and brush your teeth after lunch. You will be less likely to reach for the snacks when your mouth is minty fresh. Sugar-free mint gum and mint flavored tea also have the potential to ward off cravings and snacking impulses.
Monitor your snacking habits to determine the time when your urge to grab a snack is the strongest. Once you know when a craving is likely to hit, keep yourself busy at that time. Schedule a meeting, go for a quick walk, make a phone call, or chat with a co-worker. By briefly keeping yourself preoccupied, the craving will pass.
Avoid/Remove the Snacks
If the temptation for snacking is too strong, avoid the kitchen. If keeping your distance is not realistic, try suggesting a different snack option to the team responsible for stocking the kitchen at your AZ commercial office. Suggest a type of snack you would not be tempted to eat that is similarly priced.
Bring Your Own
Sometimes snacking is necessary to get through the day. Instead of relying on office snacks, bring your own to avoid overeating and unhealthy options. Keep these tips in mind when preparing a snack for the office:
Pick healthy options - Prepare snacks with a good mix of protein, healthy fats, fruit, and veggies. Some good options include fresh or dried fruit, nuts, yogurt, protein shakes, and peanut butter with celery.
Monitor serving size – When possible, prepare snacks in individual serving sizes to avoid overeating. Serving your snack in a bowl or on a plate will also aid in eating only the designated amount per serving.
Work for your food – Selecting snacks that take work to eat — like peeling an orange or breaking open the shell of a pistachio — will naturally make you slow down and help you consume less.
We hope these tips will help you avoid mindless snacking at your office space in AZ. Anything we missed? Let us know by commenting on our LinkedIn page. Looking for an Arizona commercial office space? We can help.
Photo source: https://www.pexels.com/photo/macbook-air-213078/