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Kierland Commons last traded in 2011 for $103.5 million. Image courtesy of CommercialEdge
Industrious has opened a new 27,263-square-foot coworking space in Scottsdale, Ariz. The firm occupies the space at Kierland Commons, a mixed-use building owned by Macerich. This marks the flex office provider’s sixth location in the state and the third in Scottsdale.
The space encompasses 95 offices featuring 414 desks, along with three suites and more than 10 conference rooms. Amenities at the location include a wellness room, 24/7 access, unlimited color printing and weekly happy hours.
Rising eight stories, the LEED Silver-certified building spans 466,700 square feet, including 342,488 square feet of retail space and 84 residential units. Macerich acquired it in 2011 for $103.5 million, according to CommercialEdge data. In 2017, it became subject to a $225 million loan from Northwestern Mutual, the same source shows. Tenants at the property include various retail firms and medical office companies.
Phoenix’s flexible office market
Located at 15051 N. Kierland Blvd., Kierland Commons is roughly 10 miles north of downtown Scottsdale and some 20 miles from Phoenix. Situated within a walkable area, the building is also less than 2 miles from Scottsdale Airport.
In a recent interview, Industrious CEO & Co-Founder Jamie Hodari told Commercial Property Executive that mixed-use neighborhoods are typically the best markets for coworking locations. He added that the company’s current strategy may push the flex office provider towards non-traditional office submarkets.
As of July, Greater Phoenix had approximately 2.3 million square feet of coworking space, accounting for 1.5 percent of the total rentable office space, according to a recent CommercialEdge market update. Industrious was the third largest flex office provider in the metro, with 139,800 square feet in its operational inventory, behind WeWork and Regus, the same source shows.
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