Regus Lease At Camelback Square One Of Largest Deals In Scottsdale In Past 18 Months
Regus, the world’s largest provider of flexible workspace for business, is the newest tenant to lease at Camelback Square, selecting a 16,000 SF premises.
Camelback Square is a 172,690 SF, three-story building, owned and managed by Lincoln Property Company. The project is at 6991 E. Camelback Rd. across from Scottsdale Fashion Square. Home to Mastro’s City Hall, the project is just west of the prestigious intersection of Scottsdale and Camelback roads in Scottsdale.
Regus continues to expand and capitalize on the growing demand from entrepreneurial business ventures, start ups and small businesses. Regus has more than 1,500 locations in 600 cities worldwide.
Regus’s global network of workspace, which allows businesses to explore new opportunities without the upfront capital investment or long-term risk, recently opened for business in their 100th country, Nepal. In Metro Phoenix, this new Regus suite is the 18th location in the company’s network of flexible workspaces.
In addition to the anticipated increase in small business activity Regus’ expansion signals, this 16,000 SF deal is one of the largest lease deals in the past 18 months in the Scottsdale submarket and represents an upward trend in commercial real estate volume in the Camelback Corridor.
:This transaction brings Lincoln’s Camelback Square property up to 85% occupancy, making our performance significantly better than the 24% vacancy rate in the Phoenix market as a whole,” said David Krumwiede, Executive Vice President, Lincoln Property Company. “In fact, we’ve seen a 15% increase in occupancy over the past year in this highly sought-after property.”
“We’ve seen a lot of activity with tenants relocating within this desirable Scottsdale submarket,” said Amr Ceran, Vice President, Lincoln Property Company. “Tenants are looking for the high quality real estate that Camelback Square offers.”
The CBRE team of Jim Fijan, Jerry Roberts and Corey Hawley represented the landlord. Tom Adelson and Kevin Calihan of CBRE represented the tenant.