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GOODYEAR, AZ-SunCor Development has started construction on the second phase of the Palm Valley Office Park thanks to 50% pre-leasing for the 38,337-sf class A project at 1646 N. Litchfield Rd.

“We’ve been very fortunate,” leasing agent Ron Simonsgaard, Senior Vice President with Grubb & Ellis’ Office Advisory Division, tells GlobeSt.com. At least two other leases are in the works, he says, predicting the project will be 100% leased within a year of its completion in June 2003. “We found there was a built-up demand here that wasn’t being satisfied by any other class A project,” he adds.

A faltering economy delayed construction on the office building, but with the West Valley’s rapid population growth, demand for office space spiked, prompting SunCor to dust off its construction plans for the Phase II complex. Pre-construction asking rates are currently $23 per sf, full service.

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