Light Rail boosts the Central Corridor rental rates

Investors, light rail boost Central Corridor rental rates, from the Arizona Republic, reports that office lease rates in the Central Corridor have risen to $23.62 per square foot, driven by less expensive properties attractive to investors, and by the light rail which is expected to fuel future growth and activity in the corridor. The $23.62 average lease rate is up more than $6.00 per square foot from two years ago. In addition, the vacancy rates are significantly lower than they were only a couple of years ago. The numbers signal a resurgence of sorts for a submarket that has long "played second fiddle" to more exclusive areas such as the Camelback Corridor or the Scottsdale Airpark, said Charles Miscio, first vice president with CB Richard Ellis's Phoenix office. The article also notes the per square foot office lease rates for other market areas of the Valley, including the Camelback Corridor at $33.23, Scottsdale Airpark at $29.32, Glendale at $27.78, Downtown Phoenix at $27.61 and Downtown Mesa at $15.66.

http://www.azcentral.com/arizonarepublic/business/articles/0717biz-centralcorridor0718-ON.html