Quote:
Originally Posted by TakeFive
Downtown Phoenix has yet to become much of a magnet of demand for new Class A office space. It still lags behind both Tempe and Scottsdale. Eventually this will change but in the interim ASU has been much more of a positive than a negative for downtown. Hopefully downtown will see a groundbreaking on a new office tower within another decade. That's not so long really. By way of comparison, Hines will soon break ground on a 40-story office tower in Denver. That's the first new high rise office tower in Denver in 30 years.
So far as residential goes there's no shortage of opportunity for that to continue.
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TakeFive, I think you're selling the downtown Denver office market short. First, there's the 22-story 1800 Larimer tower completed in 2010; I would think that would qualify as a high-rise.
More importantly, however, are the myriad 5 - 10 story office-only, office/residential, or office/hotel projects completed in downtown Denver since 2000. These have contributed significantly to the revitalization of downtown and I would think similar projects would be even more relevant to Phoenix's revitalization efforts.
Specifically, in downtown Denver:
From 2000 - 2009: 8 office projects totaling 2.0 million SF completed
From 2010 - Today: 15 office projects totaling 2.6 million SF completed or under construction, not counting the 640,000 SF 40-story tower breaking ground imminently.
That seems more worthy of discussion than the height of any particular building.