With an atmosphere and amenities geared toward entrepreneurial organizations, the Monroe Building has attracted a number of high profile technology firms, including Galvanize, Gainsight, Allbound and Uber.
“We still believe that ‘today’s Downtown Phoenix’ is the smartest bet in the region; the combination of new infrastructure, world class education, and cool local flavor is compelling, especially in light of our competitive pricing posture,” said Tim O’Neil, a partner with the Monroe Building.
The Monroe Building offers move-in ready creative office suites; a 96-point Walkscore (higher than many Silicon Valley office properties); and first-floor retail that is entirely comprised of local, boutique retailers, including wine, coffee and pizza shops. Other amenities include free Wi-Fi in the common areas, high speed Internet, a mobile app/text valet service for visitor parking, close proximity to the Light Rail, as well as numerous restaurants and hotels within walking distance. The high tech, mid-century modern aesthetic is an ideal atmosphere for businesses looking to promote creativity and increase efficiency.
According to a July article in the New York Times, big name tech companies are pulling up stakes in Silicon Valley and resettling in Phoenix as a financial decision many corporate heads are calling a ‘no brainer’. Not only does Phoenix offer special corporate subsidies and benefits for companies bringing tech jobs, but the lower cost of living offers a higher quality of life for people long accustomed to paying higher prices and suffering longer commutes in Silicon Valley.
According to real estate research firm Reis, as of 2nd quarter 2016, San Francisco had an average asking rental rate of $50.43/SF and a vacancy rate of 10.1%, compared to Phoenix, which had an average asking rate of $24.39 and a vacancy rate of 24.6%. Phoenix offers substantially lower cost of operations with rents at less than 50% of the cost in San Francisco and more plentiful options. The cost to buy a home in Phoenix is also less than a quarter what it is in San Francisco, with median home price in Phoenix at $221,000 versus $812,000 in San Francisco, according to Zillow.
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SOURCE The Monroe Building