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Esplanade campus sale was Valley's largest office building sale of 2022 - Phoenix Business Journal

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North Scottsdale and Camelback Corridor were the target submarkets for some of the largest deals of the years. Those two were, respectively, the strongest submarkets in terms of net absorption over a 12-month span, according to CoStar Group Inc.

Several out-of-state investors acquired office buildings in Phoenix throughout 2022 when some huge deals were consummated.

"Landlords are realizing that this area is one where the office employers have continued to want to be," CBRE Group Inc.'spreviously said of Camelback Corridor."As employers become more challenged with bringing people to the office, they're also looking at being at best-of-the-best locations. ...

Brokers and companies say employee wants have to be top of mind to recruit, retain and get the best out of their workforce in this post-Covid world. And despite rising rents, the costs of labor turnover often outweigh the price of companies' real estate, allowing firms some leeway to lease quality spaces in prime Valley submarkets.

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