Tempe Market Booms
Tempe Arizona real estate is "booming in the office, industrial and retail markets," according to Research prepared by the Arizona Department of Commerce.
The city's diversified economy features a base of 750 manufacturing firms and over 200 high tech companies. Growth areas include bio-tech, financial and business services, inviting competition for Tempe office space.
Tempe commercial real estate includes dozens of business parks and major retail venues throughout city with active expansion in the Town Lake district and Gilbert / Chandler area.
Town Lake Offers Elite Tempe Office Space
Town Lake, deemed the "hot spot" by local economists, is home to much of Tempe Arizona real estate growth. The 2-mile artificial lake, formed in 1999 by damming a section of the Salt River, is surrounded by park space and elite developments.
"Town Lake is a result of progressive thinking and significant public investment," said Arizona economist Jim Rounds, member of the Arizona Department of Commerce's Economic Research Advisory Council. "It was fairly controversial, but without it we probably would not be seeing this expansion in Tempe."
Town Lake is host more than 100 events with more than 2 million visitors annually, creating a need for Tempe commercial real estate development. Recent Tempe Arizona real estate construction projects near Town Lake include Edgewater Condominiums, a second office tower at Hayden Ferry Lakeside and Tempe Center for the Arts. These projects will bring new jobs and money into the economy and further increase Tempe Arizona real estate growth.
Many opportunities to build or buy Tempe commercial real estate, including condominiums, office towers, retail plazas or hotels, in the Town Lake area still exist.
Gilbert - the fastest growing community in the country
With a higher-than-average median income and lower than average home purchase price, Gilbert has doubled its population every five years, since 1980, and is still experiencing record growth. Adding to its appeal is the planned community village and small town charm, coupled with a close proximity to high tech industry. Gilbert offers something for everyone with parks, equestrian trails, fishing, boating, and local business services all within walking distance.
Business is also booming in Gilbert. There are several new malls and shopping areas under development by Vestar Development, including Crossroads Towne Center. Phase 1 of this project has been completed, and consists of a 48-acre parcel located in Gilbert, anchored by a Super Target. Crossroads Town Center will include 600,000 square feet of retail space and restaurants.
Another new development is Gilbert Towne Square, a multi-phased construction project to be located at SWC Gilbert Rd. and Warner Rd. This attractive commercial center is located just west of the Town's civic complex. The center includes retail, entertainment and eateries. Some of the retail shops include Club Tan, Gilbert Music, Bounce U, Z Shoe Store etc., Gilbert Nail Spa, Sport Clips, Sleep Savvy, Game Master, Grand Canyon Title Agency, Legacy One Reality, Bank of America, Le Sueur's Tuxedos, McClendon Mortgage, Creative Hands Studio, Action-The Pit Stop Shop, DG Computer, Town Square Dental, Per Spectacles, Q Zone Laser Tag, Next Step Dance Studio, Physiotherapy Associates, Williams Artistic Photography Studio, BBQ Builders, Eli's Home Interiors, Eaglecrest Accounting and The Arizona Republic. Entertainment includes the Gilbert Stadium Cinema which features a 14-screen megaplex theater. Eateries include Phoenicia Mediterranean Grill, Gilbert Pizza, Damon's, International House of Pancakes, Streamer's Ice Cream, Chipotle, Pei Wei Asian Dinner, Buffalo Wild Wings Bar & Grill, Boston Pizza, Tropical Smoothie Cafe, Marble Slab Creamery Focus Cyclery, Majectic Waters and a future Brunswick. The center is a pedestrian oriented-urban village design, with a unique water entryway feature and interesting architectural details throughout.