Rising Popularity Of Office Condos In Valley

Phoenix has 73 office-condo projects recently completed, 20 under construction, and 33 planned, and is tabbed the office condo capital of the nation, according to a report by Grubb & Ellis and PNC Real Estate Finance.

The report cites Phoenix as the king of the condo market because it has "a ton of entrepreneurs- exactly the type of businesspeople to fill office condos", said Brad Logan, a principal and designated broker for Cavan Commercial.

Office condos sell well in markets such as Phoenix where office lease rates are high.

Typically, office condo owners are younger entrepreneurs who live near their offices. Combining tax advantages and appreciation, office condos offer the owner lots of benefits compared with leasing space. More...