California Developer ‘Betting Big’ on East Valley Office Market

Article originally posted on Phoenix Business Journal on July 27, 2020

Now that construction work on two speculative office buildings is underway in Chandler, a rarity in the Valley since the outset of the coronavirus pandemic, California developer Douglas Allred Co. is “betting big” on the region’s office market remaining healthy.

David Allred, president of San Diego-based Douglas Allred Co., told the Business Journal his company has been working in Chandler since about 2008. The company recently broke ground on two spec office buildings, totaling 300,000 square feet.

Allred said he already is thinking well past the end of Covid-19 and is bullish on the region’s future.

“Covid will pass and we will be prepared to meet the demands of the future,” Allred said.

The two buildings that just began construction are scheduled to be completed in September 2021, which Allred said should give companies plenty of time to choose to come back to working in an office.

Allred’s major development in Chandler, Allred Park Place, includes 200 acres of land. About 140 acres are developed or under construction, and the firm will develop the remaining portions as market conditions demand. Once Park Place is complete, it will contain nearly $1 billion worth of development, he said.

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