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Tempe Office Building Sells for $27 Million
An office building in Tempe has sold for more than $27 million.
The building at the Loop 101 and Broadway Road is considered Class-A. That means it is among the best office space available. This 162,000 square foot building is home to some engineering and financial companies.
"There are little areas of gold in the Valley, still. Tempe is one of them," said Dennis Desmond, of Jones Lang LaSalle, the company that closed the deal.
In fact, the Tempe office market is outperforming other Valley sub-markets in at least one important way.
The vacancy rate for Class-A office space in Tempe in the second quarter of this year was about 13 percent, according to Desmond’s data.
That is way below Midtown Phoenix, for example, where 30 percent of similar space still sits empty.
Desmond said Tempe and parts of the Southeast Valley are doing well, because they are positioned close to an educated workforce.