Our original report for the Scottsdale Airpark began in 1981, and was named the 2010 Report. In that base year of 1981, there were 3,320 employees, 1,580,000 square feet of buildings and 268 companies.
The Scottsdale Airpark has exceeded every recorded prediction since then. Currently, the Airpark has approximately 60,676 employees, 44,732,584 square feet of buildings and 3,315 companies.
In 2020, the Greater Scottsdale Airpark became the home base to five to six more Falcon 7Xs, Falcon 900s, and Bombardier Challenger Business Jets.
Many parking lots were empty during this COVID-19 pandemic year, with companies working with their employees remotely. A majority of businesses were able to adjust, keep the doors open, and in some cases, still have their best years in revenue and profits.
Some office landlords offered temporary rent relief, agreeing to receive the deferred rent in 2021 to 2023. Sublease space accelerated in the third and fourth quarter, but not enough to have a big impact on rental rates.
Retail, restaurants and hotels in the Airpark were the hardest hit, with the lack of sales, revenue and occupancy. These sectors likely will not rebound until 2022 to 2023.
Due to the diminishing supply of vacant taxiway access lots, a couple of buildings on the east side of the runway are being redeveloped to accommodate bigger aviation hangers. Investments in renovating older and functionally obsolete buildings bring value to all the surrounding properties.
Arizona State Land Development is in the process of auctioning 50 to 100-acre parcels along the Loop 101. There are several more ASLD sites along the Loop 101 that are expected to be auctioned in the next two to three years.
We saw more apartments come online in 2020, bringing the total to 9,367 units, with 1,908 units under construction.
By 2030, we predict the Greater Scottsdale Airpark will have 82,000 employees, 53 million square feet of a variety of office, flex, industrial, medical, retail, multifamily, hotels and car dealership buildings, and about 4,200 companies.
Download the report below to read more.