Phoenix commercial real estate boom revitalizes 16th Street corridor

A view of the Crescent Highland development at 16th Street in Phoenix. (Submitted photo)

The Phoenix downtown and central corridor market is revitalized with an influx of commercial real estate property growth as 16th Street becomes a new hub for commercial real estate development.

“We are at the top of the market prices and numbers we have not seen in 10 years,” said SVN Desert Commercial Advisor Paul Borgesen in a prepared statement, adding that SVN has listed, leased and/or sold more than 25 listings down 16th street.

“It’s the ideal time in the market for a seller to seek other investment properties.”

Desert Commercial property ventures include:

  • The five-year lease of property at 1602 E. Indian School Road to Samurai Comics;
  • The sale of the flex warehouse space at 3840 N. 16th Street for $900,000;

In addition, the emerging market trends in multifamily living are growing in popularity with apartments and condominiums bringing creative design and architecture, the release said, noting that around the Biltmore, Camelback and Central corridor, there are several properties representing the growing appeal of people desiring to live in an upscale and trendy lifestyle.

“There are thousands of new units being leased with more still under construction which will be online later this year,” said multifamily investment advisor Chip Kloppenburg in a prepared statement. He sold a $17,000,000 property last September.

The pinnacle of urban living encompasses luxury comfort, culture, and convenience plus restaurant and entertainment choices, the release said, noting the room for more growth as popular eateries and restaurants line 16th street within three miles of each other.

A rooftop view of the The Trend at 51 Apartment Homes. (Submitted photo)

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