High Demand For High-End Office Space In Tempe

Published: Monday, April 16, 2018 - 5:05am
(Image courtesy of Lincoln Property Company)
Rendering of rooftop lounge for The Grand Building Two.
(Image courtesy of Lincoln Property Company)
A large central water feature will run through The Grand at Papago Park Center.

Demand for high-end office space in Tempe is so strong, a developer recently broke ground on a nine-story building without having a single tenant lined up.

It’s the second office building at a mixed-use project called The Grand at Papago Park Center, a nearly 60-acre development near Priest Drive, the Loop 202 and Washington Street.

“The vacancy rate for Class A Tempe office space is at a record low, currently sitting at sub-two percent, and companies continue to flock here for Tempe’s amenities, educated labor pool and premier work environments,” David Krumwiede, executive vice president with Lincoln Property Company, said in a statement.

At 352,000 square feet, Lincoln Property Company says The Grand Building Two is one of Arizona’s largest speculative office buildings. It will feature floor-to-ceiling windows, a rooftop lounge and private fitness facility.

The Grand at Papago Park Center is about a quarter mile from Tempe Town Lake and the Marina Heights Development, which serves as a regional hub for State Farm Insurance.

At buildout, The Grand at Papago Park Center is expected to encompass 1.8 million square feet in eight office buildings and three parking garages.

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