Airpark's real estate slump seems to be bottoming out

Scottsdale Airpark's real estate slump is bottoming out and vacancy rates will begin to stabilize early next year, according to Jim Keeley of Colliers International. Employment in the Airpark has fallen to about 48,000 this year from a peak of 50,000 in 2006 , Keeley said in his Greater Scottsdale Airpark 2010 Report. Keeley launched the report 20 years ago to forecast and track Airpark growth. At the time, the area had 930 businesses, with more than 10,000 employees in 5.2 million square feet of commercial space. The vacancy rate was 17.2 percent. Now, the Airpark has more than 2,500 businesses, 48,000 workers and nearly 29 million square feet of commercial space, with a record vacancy rate of 29 percent, according to Keeley's report.

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