Article Originally Posted On Phoenix Business Journal On June 11, 2021
Glendale, along with neighboring Goodyear, is a leader in industrial construction in the Valley, leveraging available land and its West Valley location. But the city’s growth and development also has landed it in the spotlight for some of the most talked-about projects in the Valley.
Currently, there are 9 million square feet of buildings in the planning and development stages along Loop 303, which the city has dubbed the “New Frontier” for business," Glendale Mayor Jerry Weiers said in a recent panel discussion on Glendale hosted by the Phoenix Business Journal. The area has been the landing spot for some major national and international companies, including Mark Anthony Brewing, the maker of White Claw Hard Seltzer, as well as Dick’s Sporting Good and Red Bull.
For many companies looking to set up a new location, Glendale has been a choice destination because the city can help a company deliver speed to market.
“For a lot of these national and international companies, time is money,” TJ Wead, investment officer for Phoenix-based Merit Partners, and panelist in the discussion, said. “So, the faster you can get the building in the ground and the construction started the faster they can start producing their product. So, I think that's been a great asset of the city in conjunction with the infrastructure that's available now in the area.”
Glendale’s infrastructure and access to transportation corridors also has benefited business development, Nate Nathan, founder of Nathan & Associates Inc., said.
“The 303 has absolutely changed the world for the entire Valley,” Nathan said. “And you've got the convergence of the (Loop) 202 around South Mountain, the (Loop) 101, the (Loop) 303 and I-10.” Nathan, who said he has been working in and around Glendale for more than three decades, said there have been some large parcels of land in those areas that have recently come into play, such as Allen Ranches where Merit Partners is planning a massive industrial project.
Office development lags
Glendale, while it has excelled in industrial, has lagged in office development, like most West Valley cities.
“The whole West Valley is short of every sector of office product,” Bobbie Mastracci, principal and designated broker for Phoenix West Commercial, said. “So is it the chicken or the egg? A lot of office developers can't really develop the office without 50% of the building already leased out. So that's kind of slowing down the process. There are a couple of spec offices being built in the West Valley, which will hopefully be home to some corporate headquarters, to mirror the industrial that's coming out here. So, we have a huge shortage of product, but there is a demand for it if we could deliver.”