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PHOENIX-Arizona’s Auditor General’s office has inked a five-year lease for 15,848 sf in Case Business Park, a transaction that takes the 2929 N. 44th St. structure to full occupancy.

The state office will be relocating rom 2600 N. 44th St. The 44th Street corridor, or Gateway submarket, is emerging as a popular submarket for office users. The submarket encompasses the area of Indian School Road to the north, Buckeye Road to the south, 36th Street to the west and Mill Avenue to the east. The 11.8% vacancy rate is the Valley’s second lowest.

The area is becoming popular due to its proximity to Phoenix Sky Harbor International Airport, which is about two miles to the south, and the confluence of Squaw Peak Parkway, Loop 202 and Hohokam Expressway.

Many tenants find the Gateway submarket to be a more economical alternative to the nearby Camelback Corridor. Gateway’s asking rents for class A office space average $23.31 per sf and class B, $21.67 per sf, versus Camelback Corridor’s $26.77 per sf for class A and $23.27 per sf for class B.

Gordon Raguse and Tyler Smith of Grubb & Ellis Co.’s Phoenix office represented building owner, Phoenix Development Capital LLC, headed by principal Doug Dragoo. Scott German of NAI Horizon’s Phoenix office acted for the tenant.

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