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Year-over-year average rents jumped 5% to $41.11-per-square-foot. Buildings with the largest rent hikes include 800 Brickell, which went from $42-per-square-foot to $47-per-square-foot during the same period.
Supply-constrained West Coast markets continue to add jobs and grow incomes at a sufficient pace to maintain market rent growth near long-term averages, says Michael Schall, Essex president/CEO.
Lincoln Property Co. and Harvard Investments partner to build Union, a 1.35 million-square-foot office building at the intersection of Mesa, Tempe and Scottsdale.
Sun Holdings Corp. recently acquired a 1.5-acre site located at 2542 NE 30th St. near Interstate 35W north of downtown with visibility that may bode well for retail.
State officials note that Amazon plans to invest more than $30 million in the new facility and the project will create approximately 800 new, full-time jobs at the property in Findlay Township.
Phase three will consist of four new buildings, totaling 918,972 square feet, and will be the final construction phase at the 225-acre, master-planned Bridge Point North campus that Bridge has been actively developing since 2015.
The "Steel Topping Out" ceremony featured the placement of the final exterior steel beam atop the 1-million-square-foot frame of the brand-new terminal at Newark Liberty International Airport.