TEMPE, AZ-More speculative back-office space is goingup near Sky Harbor International Airport.

A locally based development group called Hohokam Park has started construction of a 46,725-sf industrial/flex building called Hohokam Tech. The project, near University Drive and Hohokam Expressway in this Phoenix suburb, is scheduled to be completed by the end of this year.

The development group is led by local investor Steven Maderazzo. The space will be offered for sale or lease in blocks of at least 20,000 sf.

Maderazzo expects most of the space to be used for call centers or other back-office purposes. Too much back office space was built in 1998, pushing vacancy rates for the product into the high teens. But rates have since dropped back down to the 10%-range, as companies that include financial-services giants Wells Fargo and American Express have filled large blocks.

Bill Bayless of the local office of CB Richard Ellis is marketing theHohokam Tech project, which is about half the size ofthe typical back-office development in Tempe.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.