Hines Renews 11,967 SF Lease for GPEC at Renaissance Square

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Renaissance Square

PHOENIX, Arizona – Hines, the international real estate firm, announced it has renewed a long-term 11,976-square-foot lease for the Greater Phoenix Economic Council (GPEC) at Renaissance Square in Phoenix.

GPEC, which has been in Renaissance Square since its inception, will continue occupying its space on the 25th floor. The organization renewed an 8-year lease and is updating the office into a more modern and collaborative space.

Hines acquired Renaissance Square in 2008. The two-building office complex in downtown Phoenix is bounded by Adams, Central and Washington streets and 1st Avenue, and has 968,790 combined square feet.

“Hines is thrilled to retain GPEC, a long-standing tenant that makes a significant impact in the community,” said Steve Hamel, Hines’ general property manager of Renaissance Square.

GPEC Reports YTD Prospects at 126% of Goal

GPEC 150x150The Greater Phoenix Economic Council (GPEC) in its February Prospect Overview is reporting year-to-date prospects for all types of business are 126% of goal, with 31 companies having located thus far, creating 5,497 jobs and $172.4 million in capital investment.

Current active prospects for GPEC are 287, and of those 177 are 2016 prospects with capital investment potential of $6.9 billion with 27,841 potential jobs. Potential square footage is approximately 39.6 million- square-feet.

Of these prospects, 25% are from California, and 27 international, including 6 Canadian companies, 3 from China and 8 from Europe.

Prospects by operation type shows 58 advanced administrative prospects in 2016; up from 38 in 2015. Prospects for headquarters relocating was down from 15 in 2015 to 11 for 2016. Manufacturing prospects is also down from 70 in 2015 to 56 in 2016.

GPEC graph 2016There are 91 office prospects in 2016 compared to 72 in 2015, with five projects over 200,000-square-feet in 2016 up from two in 2015.

Industrial prospects are 86 in 2016; down from 107 in 2015, with 31 projects over 200,000-square-feet in 2016; up from 25 in 2015.

To read the complete GPEC overview click here: GPEC Prospect Overview – February 2016