Commercial Real Estate Chandler, AZ - 189 Commercial Properties

Chandler, AZ Economic Overview

The City of Chandler began as an experiment by the man whose name it bears, Dr. Alexander John Chandler. The veterinary surgeon bought 80 acres of land in the largely arid Salt River Valley and started implementing revolutionary irrigation engineering. By the turn of the century, he was the proud owner of an 18,000-acre ranch, where he envisioned the city. In 1920, only a decade later, Chandler was a fully-fledged town with an elected mayor.

Built through entrepreneurial spirit, technology and innovation, Chandler is a great community to live and work in. It is one of the U.S.’s fastest growing cities and an increasingly preferred location for new and booming businesses.

Chandler made its name as an agricultural economy, largely based in the cotton industry. However, several other industries have since taken root. Manufacturing is currently the biggest, with a bias in electronics. Intel Corporation leads the park with four locations within the city limits. Other top area manufacturers are Microchip Technology, alongside several smaller companies that operate in partnership with the state. Apart from manufacturing, other industries with significant stakes in the local economy are healthcare, finance, construction, aerospace and retail.

Chandler, AZ Commercial Real Estate Market

The Chandler commercial real estate market is part of the Greater Phoenix commercial market. The Chandler office space market registered a vacancy rate increase of 0.3 percentage points, to 16.5%, in early 2017. With new and expanding businesses setting up shop in Greater Phoenix, the office market disruption is expected to be temporary. The Chandler office lease rates, which continued to rise consistently, reached $23.76.

The Chandler industrial market fared better, as high absorption rates pushed the vacancy rate below the 10% mark. This was especially impressive since the last time the industrial market vacancy rate was a single digit was in 2007, before the recession. The amount of industrial space taken up in Greater Phoenix during the first quarter of 2017 surpassed 2 million square feet.

The Chandler retail market had a strong start in 2017 and exceeded expectations. More than 700,000 square feet of retail space were occupied. These are impressive numbers, given that the average absorption rate per quarter was 500,000 square feet, in the previous 5 years. The asking rents per square foot averaged $13.98. Retail space sales remained steady, with an average price per square foot registering just over the $100 mark.

The worst hit commercial real estate market in Greater Phoenix was medical office space. Whereas the other three markets experienced a positive space absorption rate, the medical office market has a net negative absorption rate. This drove the vacancy rates upward. The vacancy rates are expected to rise even higher, as new medical office projects are slated to go online.

Chandler, AZ Office Rental Rates ($/SF/year)

Data provided by Yardi Matrix, for properties larger than 50K SF.

Chandler, AZ Office Sales

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Employment in Chandler, AZ

Chandler takes pride in a robust employment base dominated by white-collar jobs. It continues to attract highly skilled workers from all over the country, who blend effortlessly into Chandler’s welcoming community. Its unemployment rate of 4.5% is slightly lower than the national average of 4.7%. Over the next 10 years, jobs in Chandler are expected to grow by 41.84%. As far as income is concerned, the median household income is just over $72,000, and the income per capita is $32,092. These are higher than the national averages of $53,482 and $28,555, respectively.

According to the City of Chandler, the 10 biggest employers are:

Intel Corp., with 11,000 workers;
Candler Unified School District, which has a base of 4,900 employees;
Wells Fargo, with 4,500 employees;
The Bank of America, with 3,800 employees;
Verizon Wireless, with 2,400 workers;
Chandler Regional Medical Centre is the biggest hospital in the area and employs 2,100 people;
Online financial services company PayPal has 1,750 employees;
Orbital ATK, an aerospace launch company, has 1,650 workers;
Microchip technology, a microprocessor manufacturer, with 1,625 employees;
The City of Chandler rounds out the list, with 1,590 employees.

Education in Chandler, AZ

Chandler has a solid education system that is highly rated both in the state of Arizona and nationally. Its five public school districts, together with its several private and charter schools, have traditionally exceeded both state and national averages in standardized test score results. Chandler is part of the Greater Phoenix area that has access to first-class universities, colleges and other specialized institutions. Most notable is Arizona State University, which is currently expanding with a campus in Downtown Chandler.

Overall, Chandler residents are well educated, with 75% of them having completed some form of college education.

Commuting Time in Chandler, AZ

According to Zip Atlas, the average commute time in the City of Chandler is 25.6 minutes. This is only a minute less than the commute time in Phoenix, which has about six times Chandler’s population. Within Chandler, the commute times range between 23.5 and 28.3 minutes.

Chandler Demographics

Population

Total Population245,160
Male Population(49.6 %) 121,703
Female Population(50.4 %) 123,457
Median Age35.30

Income/Financial

Average Household Income$97,033
Median Household Income$77,278
Median Income Under 25$36,086
Median Income 25-44$83,155
Median Income 45-64$91,103
Median Income Over 65$50,443

Residential Rents in Chandler, AZ

When choosing the best place for a business, location research is very important – not only for the office, but also for the employees’ convenience.

The rental market in Chandler has shown a slow but relatively steady recovery since the recession. In January 2017, the average rent for an apartment was $1,069, which represented a 5% increase from the $1,018 recorded in the previous year. The highest demand was for studio apartments, which recorded a 13% increase in rent price. The spread was virtually even across the Chandler neighborhoods of College Park, San Markos, Twelve Oaks and The Springs, with only a $64 difference between the highest average (The Springs) and the lowest (College Park).

In May 2017, the average rent for one-bedroom and two-bedroom apartments was $1,171.

Chandler, AZ Average Rental Price, April 2019

$ 1,159/mo
Studio: $ 756
1 Bedroom: $ 1,026
2 Bedrooms: $ 1,219

Chandler, AZ Rent Trends

News

Hines Tops Out Tallest Multi-Tenant Office Building in Chandler

April 12, 2018

  Hines, a privately-held real estate firm, has placed the last concrete beam atop The Offices at Chandler Viridian. Upon completion, scheduled for November 2018—per Yardi Matrix data—the six-story mid-rise will be the tallest multi-tenant office building in Chandler, Ariz. “Hines has seen ...

Arch Street Capital Snags Phoenix-Area Tech Center

March 14, 2018

  The El Dorado Tech Center in Gilbert, Ariz., an office building 100% leased to GoDaddy.com, has a new owner. Arch Street Capital Advisors, a real estate investment advisory firm, has recently announced the acquisition of the property on behalf of an institutional client. According to Yard...

Looking to Relocate Your Business? Phoenix is Your Best Bet

November 01, 2017

Amazon’s search for a new home has stirred up city officials and developers across the country, and 238 applicants across North America have expressed interest in housing the company’s next headquarters. Of course, the retail giant has a few requirements: the chosen metropolitan area...

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Commercial Real Estate in Chandler, AZ - 189 Properties Available