Skip to main content Skip to footer

Colliers 2020 Year End Greater Scottsdale Airpark 2030 Report

Download Report

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.

Highlights:
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.


GreaterScottsdaleAirpark2030ReportColliers1024x972

Colliers 2020 Year End Greater Scottsdale Airpark 2030 Report

Download Report
Related Experts

Jim Keeley

Founding Partner

Scottsdale

As the founding partner of the Colliers Scottsdale office and senior executive vice president for Colliers in Arizona, Jim Keeley leads the Scottsdale office and serves as its designated broker.

Considered one of the leading commercial real estate experts in the Deer Valley and Loop 101 Employment Base and the Scottsdale Airpark, Jim specializes in the sale and leasing of office, industrial and flex buildings, land, and aviation properties.

He serves as a broker and advisor to developers and users in the purchase, sale, and lot layout of business, office and industrial land subdivisions. He also consults with and negotiates on behalf of owners, users and developers on build-to-suits.

With more than 35 years of industry experience as a sales leader, developer and real estate consultant, Jim has developed and owned office and industrial buildings, aviation hangars, convenience markets, and lot subdivisions.

He embraces the full-service “Cradle to Grave” approach to commercial real estate:

Step 1 – Identifying the site and negotiating the purchase on behalf of the client
Step 2 – Using a team approach to lease up the property on behalf of the investor, developer and user
Step 3 – Selling the asset at the highest value in the shortest amount of time on behalf of the owner

Jim began working in the Scottsdale Airpark in 1981, and founded Classic Real Estate Corporation in 1983. To expand its presence in the Loop 101 Employment Base (Scottsdale Airpark, Desert Ridge, Deer Valley Airpark), he sold 50 percent interest in Classic to Colliers in 1998 and another 20 percent interest in 2008.

A native Arizonan, Jim is married with four children and am actively involved in supporting his community.

View expert