Colliers in Arizona has released the annual Greater Scottsdale Airpark 2030 Report, indicating healthy conditions within the growing submarket.

According to the report, demand for commercial space in the area is exceeding supply and development of new space is being handled at a healthy pace.

“Many are speculating a future recession, but we are not overly concerned about that for the Scottsdale Airpark,” said Jim Keeley, SIOR, CCIM and founding partner of the Colliers Scottsdale office.

“When the last recession hit in 2008, this submarket was dramatically overbuilt. Since 2018, the Scottsdale Airpark market has been in a state of equilibrium with supply and demand in balance,” Keeley added.

“Current conditions indicate remarkable economic health in the area with demand outpacing the supply of space in most every product type.”

The Scottsdale Airpark 2030 Report is created each year by Colliers in Arizona to educate the market about conditions in the submarket.

At the end of 2022, the Airpark boasted approximately 3,326 resident companies with 64,130 employees. The submarket contains an inventory of approximately 47.3 million square feet of buildings.

Property technology companies are a growing category of tenants. These firms are helping individual companies research, buy, sell and manage real estate as occupancy changed post-COVID-19.

These firms are designing space to embody more of a “community hub” that encourages employee collaboration with various engaging areas within the suite.

The Scottsdale Airpark area has experienced an increase in housing units, as developers look to provide residences to the growing workforce in the area.

Kierland’s Ladlow’s Fine Furniture Store location is planned to become high-end apartments. The 330-unit ALTA Raintree Apartments opened in 2022 and the 192-unit TC Raintree project is under construction.

Other key changes in the Scottsdale Airpark submarket include the sale of CrackerJax (now named The Parque). Tech billionaire George Kurtz purchased the property in April 2022 and plans to build a legacy project on the site.

Additionally, DraftKings Sportsbook broke ground in 2022 at the southeast corner of Greenway Hayden Loop and Bell Road, across from the clubhouse of TPC Scottsdale. This 12,000-square-foot facility will offer premier gaming.

The area experienced the completion of historic factors in the Scottsdale Airpark during 2022. The Herberger family, who began purchasing land in the area in the late 1950s, sold CrackerJax in 2022, which ended their era of land development in the submarket.

Judd Herberger’s death in 2021, following the city’s loss of his other family members involved in the market, signaled an end of the Herbergers’ contributions to commercial real estate growth.

They will forever be remembered as dedicated, philanthropic heroes of our community, Keeley said.

Last year also completed Doug Ducey’s time as Arizona’s governor.

Under his leadership, the Arizona State Land Department (ASLD) began selling “fee simple” land in and around Scottsdale Airpark.

This brought development opportunities that were difficult to obtain. This new policy led to such developments as Cavasson and the Nationwide project.

In November 2022, the northeast corner of Hayden and Loop 101 was auctioned, with HonorHeath prevailing. The southeast corner of that intersection was purchased by Axon more than a year ago and will be the site of its new corporate headquarters.

The southwest corner was purchased in April 2022 by VanTuyl/DeRito Group for future development. Additionally, Mack Companies bought 124 acres at the northeast corner of Loop 101 and Bell Road for $125 million in March 2022.

The Scottsdale Airpark will continue experiencing dynamic changes as it moves forward. Projects planned include $29 million in renovations to the Kierland Office Park; and the $1 billion Optima McDowell Mountain Village at Loop 101 and Scottsdale Road. Its six buildings will include luxury residences, retail and commercial space.

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Optima, an internationally acclaimed architecture and real estate development firm, announced today the launch of sales for the first luxury condominium tower at Optima McDowell Mountain—a $1 billion, design-forward community in North Scottsdale that has already secured close to $27 million in early reservations ahead of its public release.

Optima McDowell Mountain represents the latest evolution of architectural design, sustainability initiatives and a lifestyle-forward amenity experience. The debut condominium tower, 7230, will feature 196 thoughtfully designed residences ranging from 728 to 2,204 square feet, with one-, two- and three-bedroom floorplans, showcasing signature elements such as floor-to-ceiling glass, lushly landscaped private terraces, designer kitchens and integrated smart-home technology. Prices are estimated to start in the $600,000s for one-bedrooms, the $900,000s for two-bedrooms and the $1.4 million range for three-bedrooms.

Buyers can also customize their homes, with options to combine units and personalize layouts and finishes. Already, more than 60% of early reservations are for custom combination homes, where individuals purchase two to three units to create expansive, bespoke residences, underscoring the appetite for highly tailored living at Optima McDowell Mountain.

Located on a 22-acre site at the southeast corner of Scottsdale Road and Loop 101, Optima McDowell Mountain will include six eight-story towers, home to a mix of condominiums, apartments and 36,000 square feet of retail and restaurant space. The development is designed to live in harmony with its surroundings.

“This is a significant milestone for Optima,” said David Hovey Jr., AIA, president of Optima. “It’s the first time in four years we’ve introduced for-sale residences in Arizona, and we’re bringing everything we’ve learned over the past four decades into this new community. Optima McDowell Mountain reflects our ongoing commitment to thoughtful design and quality living, and it represents the next chapter in our legacy.”

Setting a new benchmark for luxury living, each residential building will be anchored by approximately 1.5 acres of resort-caliber amenities. At the rooftop level of 7230, a dramatic Sky Deck unfolds with panoramic McDowell Mountain views, an Olympic-length heated lap pool, a perimeter running track, outdoor spa, cold plunge, sauna, firepits, lounge areas, outdoor kitchens, indoor and outdoor yoga studios and entertainment zones with TVs, shaded arbors and lush foliage. Ground-level amenities will include a state-of-the-art fitness center with indoor and outdoor training areas; Pilates studio, group fitness space and locker rooms; sauna, massage room and spa lounge; indoor pickleball/basketball court; two outdoor pickleball courts and bocce court; indoor golf simulator, sports lounge and outdoor chipping and putting area; business center with conference and huddle rooms; movie theater and a chef’s kitchen-equipped party room; indoor and outdoor children’s play areas; pet park and pet spa; and outdoor lounge with a spa and cold plunge.

With approximately 16 acres dedicated to open space, representing nearly 75% of the property, Optima McDowell Mountain is designed to feel like an oasis—vibrant, walkable and deeply connected to the natural landscape. A 10-acre central park serves as the heart of the community, surrounded by pedestrian paths and biking trails that link to Scottsdale’s trail systems and Bicycle Master Plan. Residents will enjoy the tranquility of the desert while staying connected to North Scottsdale’s premier dining, entertainment and shopping destinations just minutes away.

Optima McDowell Mountain also pioneers an innovative model for environmentally conscious development. The community will feature the largest private rainwater harvesting system in the U.S., designed to reduce overall water use, with an underground vault that can store up to 210,000 gallons of rainwater for on-site irrigation. The project is also the first in Scottsdale to be built under the newly adopted International Energy Conservation Code (IECC) and International Green Construction Code (IgCC).

Other sustainability features include solar panels, self-irrigating vertical landscaping for natural insulation and air purification, 100% underground parking to reduce surface heat retention, high-efficiency VRF heating/cooling systems, induction cooktops in the residences and EV charging in the parking garage for both residents and guests.

The Optima McDowell Mountain Sales Gallery is now open by appointment only, inviting prospective buyers to experience firsthand the innovative architecture, sophisticated design and exceptional lifestyle that define this premier community. With residences in the first condominium tower now selling, completion is anticipated in summer 2027. For more information and to schedule a private appointment, visit OptimaMcDowellMountain.com.

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It was common for candidates and residents alike to claim there were over 15,000 apartments in the infamous “pipeline” earmarked for Scottsdale prior to the November 2024 election.

Various numbers from an array of time periods were bandied about to prove or disprove whatever point was being made at the time.

A new report from Scottsdale City Manager Greg Canton states there aren’t near as many apartments in the pipeline as people have claimed.

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