Valley office experts are watching these key submarkets in 2023
Jan 1, 2023, 5:00 AM
(Jim Poulin/Phoenix Business Journal)
John Bonnell is wrapping up the year with a slew of tours.
In the week leading up to Christmas, the managing director for the Phoenix office of brokerage firm JLL estimated he and his team hosted multiple office tours for prospects in spaces between 1,000 to 30,000 square feet. Normally, he said he might have one tour during that period, so he thinks that interest can carry over into 2023.
Moving forward, Bonnell said he is watching the West Valley and Deer Valley submarkets, particularly the ripple effects from the investments made by Taiwanese Semiconductor Manufacturing Co. The $40 billion investment by TSMC includes a campus at full build-out that could total six factories in north Phoenix. The company has also said it is working with 40 suppliers that are moving or expanding to the Phoenix area and in Pinal County south of the Valley.
“If I’m a company and I do business with TSMC … [I’d start] coming in 2023 if [TSMC] delivers by 2024,” Bonnell said. “It’s going to be really interesting in the next two to three years. The West Valley, especially the northwest, can just explode beyond how anyone comprehends. Our growth is west.”