SkySong 5 Building is to Begin July 2018

SkySong 5, the newest and tallest building at the ASU Scottsdale Innovation Center cost more than 43 million, will break ground July 9, 2018.

The building will be six stories and consist of 151,318 square feet, bringing the total square footage of SkySong buildings to 868,457. The first and second buildings in the complex opened in 2008, the third opened in 2015, and the fourth in 2016. Like the other buildings in the complex, SkySong 5 will be constructed to meet U.S. Green Building Council’s LEED standards and expected to be complete in summer 2019.

SkySong 5 will house a new wave of exciting and innovative companies that are increasingly being drawn to Scottsdale’s skilled workforce and quality of life. The SkySong 1 building is 91 percent occupied; SkySong 2 is 85 percent occupied; SkySong 3 is 94 percent occupied, and SkySong 4 is 99 percent occupied. Several companies, including Oracle Corp., announced new leases or lease extensions at SkySong during the past month.

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ARMLS Rent Check™ – May, 2018

For the month of May 2018, all RENT Check indicators showed sustaining momentum comparing to the previous month, April 2018.

Median Lease: $1,450 – Increased from $1,400 previous month.
Average Lease: $1,616 – Increased from $1,567 previous month.
Avg. Days on Market: 25 – Decreased from 29 days of the previous month.
Closed Rental: 1,903 – Increased from 1,771 homes the previous month.

Rent Check Quotient™: 1:5 – Rental supplies remained the same as 1:5 last month.

Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.

Every summer, June, July, and August are the peaks of the rental market whereas housing market starts to cool down. We expect to see stronger Rent Check™ indicators to come.

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