Phoenix, Arizona – It is an exciting time for all the women in the Commercial Real Estate industry. The #womenincre hashtag is becoming one of the more popular hashtags used by women all over social media. The national media outlets are also advancing opportunities in creating more platforms and award recognitions to support the Women in the CRE industry.

“After my own personal and professional experiences, I knew there was a need for creating a very specific platform that directly elevates and highlights the women in commercial real estate. There are some amazing and talented women in this industry that are not affiliated with paid organizations that still deserve the support and recognition,” said Melissa Swader.

Swader is the President of Ruby Red Media and was featured in ‘14 Women Who’ve Cut Through the CRE Marketing Clutter’ as a prelude article before being named as one of the ‘2020 Influencers in CRE Marketing’ by GlobeSt. early last year. Swader stated, “In January of 2020, I decided to create the Facebook group, Women in Commercial Real Estate and I officially announced and launched the platform in May of 2020 because I felt it was the perfect timing in connecting more women digitally in our industry. Our group continues to grow, and we have evolved on so many levels.”

National media outlets and other women-related organizations continue to create recognitions for women in the business and it is no surprise that everyone is starting to recognize the evolution that more and more women are entering the CRE industry. From specific influencer awards to Outstanding Women in Business, to Most Recognized or Top Women-Owned companies to work for, positive news highlights are spreading more consistently. The ladies are on top of their game. There is much gratitude owed to the media for creating this space for women in the industry.

“Being published is an honor and I believe more and more men and women are starting to understand how much media recognition can impact your business,” said Swader.

Since the Facebook group was launched last summer, the #womenincre and #empowerWICRE hashtags have been making social media headlines. The Facebook page, @CRErealestate also shares valuable content and industry news because media outlets, brokerages, and pages can be tagged as well. In August, the EMPOWERING Women in Commercial Real Estate national monthly call was launched bringing women together all over the country to discuss real topics face-face-face on zoom, to support one another, provide insights and build new relationships. “I’ve made some good interactive friendships with women I have not yet met (but it feels like I have). We listen and learn about our journey and goals,” said the Director of Communications, Danielle Haney with DealPoint Merrill. “I love that we can speak openly on subjects that only women would understand and give encouragement when we can use an ear to discuss an issue.” In addition, a new merch store was created and is now live to help promote women in CRE, and Swader is proud to officially announce their new Instagram page, @women_in_cre and their brand-new website, www.womenincre.com that just launched in October.

All these platforms have been created to highlight and feature women all around the world. Swader said, “I welcome any new partnerships that seek to aim for the same goals.” Haney continued to state, “We showcase our achievements and wins our sales and closings, engage in daily conversations, and post motivational messages with women all across the U.S.” It does not get any better than this.

Class A industrial project joins ballooning demand, activity near Chandler Municipal Airport

CHANDLER, Arizona – Dignitaries from the City of Chandler joined Denver-based Comunale Properties (Comunale) and Stevens-Leinweber Construction (SLC) Thursday to break ground on Chandler Connection, a 201,000-square-foot, Class A industrial project within the booming Chandler Airport industrial submarket in Chandler, Arizona.

The project, which is located at 2411 E. Germann Rd, between Gilbert and Cooper roads, is Comunale’s first ground-up industrial development in Arizona. It is slated for completion during second quarter 2022.

“The City of Chandler touts many firsts in Arizona and we appreciate the investment that Comunale Properties has made with their first Class A industrial, 201,000-square-foot project in the state,” said Chandler Mayor Kevin Hartke. “The Chandler Airpark area is Chandler’s final frontier for development and employment growth, with a 2.8 percent vacancy rate for industrial properties. We are confident that it was a wise investment and look forward to welcoming the jobs it will bring to Chandler.”

“We’ve anticipated the start of construction at Chandler Connection since first making the decision to expand into the Phoenix market,” said John Comunale, President of Comunale Properties. “We believe that we are building the right product, in the right place and at the right time, and appreciate the support that this project has received from the City of Chandler and our development partners.”

Butler Design Group serves as the project architect for Chandler Connection. Ken McQueen and Chris McClurg from Lee & Associates are the development’s exclusive leasing brokers.

“Comunale has approached this development with the highest level of care – from selecting a premier project team to the quality of the building itself,” said SLC President and CEO Jamie Godwin. “That is something that prospective tenants and the industry as a whole will see reflected in the final product.”

Developed as a mid-bay industrial project, amenities at Chandler Connection include 32’ clear height, 140’ to 240’ bay depth, 52’ x 60’ column spacing and a 135’, fenced and secured concrete truck court. The project has dock-high and drive-in loading, and can accommodate users ranging from full-building down to 14,500 square feet.

Chandler Connection sits within one of metro Phoenix’s most dense submarkets, boasting a rapidly expanding industrial sector surrounding the Chandler Municipal Airport.

“Historically, this submarket would not have seen industrial buildings ranging from 200,000 to 500,000 square feet being built on a speculative basis. The fact that we are experiencing this now, with projects like Chandler Connection, speaks to the current level of demand,” said McClurg. “That has translated into very robust pre-lease interest for this project, with inquiries coming from both full-building and smaller tenant prospects – many of whom are flocking to the East Valley to support the growing local presence of giants like Amazon, Google and Intel.”

Tenants at Chandler Crossing will benefit from a prominent Germann Road frontage, less than one mile south of the Loop 202, minutes from two full-diamond freeway interchanges at Cooper and Gilbert roads, and a short drive to Phoenix-Mesa Gateway Airport and Sky Harbor International Airport. It sits adjacent to Chandler Municipal Airport and within a commercial hub of more than 2 million square feet of retail, restaurant and hotel amenities.

Comunale continues to seek land and acquisition opportunities in the Southeast Valley and across metro Phoenix. To learn more about Comunale, visit comunaleproperties.com.

PHOTO: From L to R: Chris McClurg, Josh Heiney, Steve Comunale, John Comunale, Ken McQueen, Mayor Kevin Hartke, Councilmember René Lopez, Jamie Godwin.

A single move-out negated more than 604,000 s.f. of Q3 office absorption

PHOENIX, ARIZONA – The Phoenix office market posted more than 604,000-square-feet of positive office space absorption during Q3 2021, according to the new JLL Phoenix Office Insight Report, but a single 721,000-square-foot move-out by Chase Bank negated the gain.

The scenario underscores the improving – but still-vulnerable – state of the local office market, according to Curtis Hornaday, Research Manager for JLL in Phoenix.

“Considering the extreme dynamics of the past 18 months, the metro Phoenix office market is performing well, with rents rising and demand accelerating,” said Hornaday. “Since April, over 562,000 square feet of speculative office product has started construction to meet that demand through high-end, Class A projects like The Grove on the Camelback Corridor and The Beam on Farmer in downtown Tempe.”

JLL’s Q3 report notes that direct average asking rates for Phoenix office space increased 2.8 percent year-over-year, but Class A vacancy rose to 20.4 percent, surpassing the 20 percent mark for the first time since 2014. This was due, in part, to negative absorption and, in part, to the delivery of buildings 7 and 8 (totaling 300,000 square feet) at Allred’s Park Place Center in Chandler.

According to Hornaday, the heavy amenities at The Grove and The Beam are already generating strong pre-lease activity, which should sidestep any significant additional gains to overall vacancy.

A myriad of activity contributed to Phoenix’s more than 604,000 square feet of Q3 positive office absorption, including move-ins by Dansons (200,000 square feet in Central Scottsdale) as well as Align Technology and Robinhood (a total 82,000-square-foot gain at Watermark in Tempe). However, the move-out of Chase Bank (721,000 square feet in downtown Phoenix), caused the quarter to end with negative absorption of 152,000-square-feet.

Direct average asking rates increased to $29.08 per-square-foot, up from the $29.04 posted in Q2 2021. With sublease rental rates now 14.7 percent ($4.27 per-square-foot) lower than direct rates, a prolonged flight-to-quality period has created opportunities for growth-oriented users.

“When you look at the Phoenix office market overall, the story is a positive one,” said Hornaday. “Companies continue to relocate and expand here, viewing Phoenix as a high-quality, lower-cost business environment with an exceptional workforce. Working with organizations like GPEC, which was just named the top economic development organization in the world by IEDC, gives Phoenix a huge advantage over other major U.S. metros.”

To access JLL research for Phoenix and across the U.S., visit the company’s research page here.