A locally based development group called Hohokam Park hasstarted construction of a 46,725-sf industrial/flex building calledHohokam Tech. The project, near University Drive and HohokamExpressway in this Phoenix suburb, is scheduled to be completed bythe 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 least20,000 sf.
Maderazzo expects most of the space to be used for call centersor other back-office purposes. Too much back office space was builtin 1998, pushing vacancy rates for the product into the high teens.But rates have since dropped back down to the 10%-range, ascompanies that include financial-services giants Wells Fargo andAmerican Express have filled large blocks.
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