{"id":12403,"date":"2019-02-19T08:28:25","date_gmt":"2019-02-19T08:28:25","guid":{"rendered":"https:\/\/www.instantoffices.com\/blog\/?p=12403"},"modified":"2019-02-21T11:40:46","modified_gmt":"2019-02-21T11:40:46","slug":"phoenix-americas-fastest-growing-cities","status":"publish","type":"post","link":"https:\/\/www.instantoffices.com\/blog\/featured\/phoenix-americas-fastest-growing-cities\/","title":{"rendered":"Phoenix Rising: Driving Forces Behind One of America’s Fastest Growing Cities"},"content":{"rendered":"

With Phoenix on track to become one of the largest cities in the US, Senior Director at The Instant Group, Gethin Davies, considers how a flourishing flexible office market supports widespread growth.\u00a0<\/strong><\/p>\n

In 2017, Phoenix overtook Philadelphia to become the fifth largest city in the US and with no signs of slowing down, is forecasted to\u00a0rank in at least fourth place by 2020. The US Census Bureau expects the greater metropolitan area to provide some of the largest growth nationally over the next 10 years, with an extra 2.2million people expected to move into the area, and entrepreneur Bill Gates investing $80 million in what he calls the next \u201csmart city\u201d.<\/p>\n

Key Growth Drivers<\/span><\/h2>\n

The reason for this growth is two-fold. Firstly, the low occurrence of weather disruptions and earthquakes, alongside its location, make Phoenix ideal for companies looking to create manufacturing hubs and distribution centres. Second, the lower cost of living and lack of congestion means that for many families, it\u2019s the ideal place to live if they are looking to escape the rising living costs associated with highly populated cities such as LA and San Diego.<\/p>\n

These two factors have helped establish a successful industrial base within the Greater Phoenix area, with companies such as Apple, Intel, Geico and Charles Schwab all expanding. The city has also become a new healthcare services and biosciences hub – jobs in this industry have been growing at 3x the national average since 2002. And it\u2019s not just large businesses that are increasingly making Phoenix and the wider state of Arizona their home. In 2018, 121 Arizona based businesses made the 2018 Inc.5000 list, which highlights the fastest growing companies in the US.<\/p>\n

Demand for Flexible Workspace in Phoenix Up By 150%\u00a0<\/span><\/h2>\n

This widespread growth has been supported by a flourishing flexible office market which provides hybrid space, serviced offices and co-working in Phoenix. Instant tracks 51 centers in Phoenix and a further 28 in the wider area.<\/p>\n

The industry has been growing by over 10% annually for the last five years, with local providers such as WorkUity<\/a> and The Office Bowl<\/a> facing increased competition from larger providers such as Industrious<\/a>, Regus<\/a> and WeWork<\/a> as they expand into this growing market.<\/p>\n

The Instant Group has seen demand grow by over 150% over the last 12 months, and with rates for flexible space ranging from $388 to $640, the competitive pricing means we expect this market to remain buoyant going forward.<\/p>\n

 <\/p>\n

\"Key<\/a><\/p>\n

 <\/p>\n

\n

Looking for Office Space?<\/strong><\/h2>\n

We Operate in Some of the World’s Top Cities:<\/span><\/p>\n

London<\/a>, New York<\/a>, San Francisco<\/a>, Paris<\/a>, Singapore<\/a>, Hong Kong<\/a>,
\nSearch more locations<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

With Phoenix on track to become one of the largest cities in the US, Senior Director at The Instant Group, Gethin Davies, considers how a flourishing flexible office market supports widespread growth.\u00a0 In 2017, Phoenix overtook Philadelphia to become the fifth largest city in the US and with no signs of slowing down, is forecasted to\u00a0rank in at least fourth place by 2020. The US Census Bureau expects the greater metropolitan area to provide some of the largest growth nationally over the next 10 years, with an extra 2.2million people expected to move into the area, and entrepreneur Bill Gates investing $80 million in what he calls the next \u201csmart city\u201d. Key Growth Drivers The reason for this growth is two-fold. Firstly, the low occurrence of weather disruptions and earthquakes, alongside its location, make Phoenix ideal for companies looking to create manufacturing hubs and distribution centres. Second, the lower cost of living and lack of congestion means that for many families, it\u2019s the ideal place to live if they are looking to escape the rising living costs associated with highly populated cities such as LA and San Diego. These two factors have helped establish a successful industrial base within the Greater Phoenix area, with companies such as Apple, Intel, Geico and Charles Schwab all expanding. The city has also become a new healthcare services and biosciences hub – jobs in this industry have been growing at 3x the national average since 2002. And it\u2019s not just large businesses that are increasingly making Phoenix and the wider state of Arizona their home. In 2018, 121 Arizona based businesses made the 2018 Inc.5000 list, which highlights the fastest growing companies in the US. Demand for Flexible Workspace in Phoenix Up By 150%\u00a0 This widespread growth has been supported by a flourishing flexible office market which provides hybrid space, serviced offices and co-working in Phoenix. Instant tracks 51 centers in Phoenix and a further 28 in the wider area. The industry has been growing by over 10% annually for the last five years, with local providers such as WorkUity and The Office Bowl facing increased competition from larger providers such as Industrious, Regus and WeWork as they expand into this growing market. The Instant Group has seen demand grow by over 150% over the last 12 months, and with rates for flexible space ranging from $388 to $640, the competitive pricing means we expect this market to remain buoyant going forward.     Looking for Office Space? We Operate in Some of the World’s Top Cities: London, New York, San Francisco, Paris, Singapore, Hong Kong, Search more locations<\/p>\n","protected":false},"author":1,"featured_media":12405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,214,12,76],"tags":[518,517,520,519,521],"class_list":["post-12403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-growth","category-featured","category-flexible-workspace","category-instant-offices-news","tag-flexible-workspace-in-phoenix","tag-phoenix","tag-phoenix-2019","tag-phoenix-market-report","tag-us-cities"],"yoast_head":"\nPhoenix Rising: Spotlight On One of America's Fastest Growing Cities<\/title>\n<meta name=\"description\" content=\"Discover how the growth of flexible workspace and co-working in Phoenix has contributed to the rapid expansion of this fast-growing city.\" \/>\n<meta name=\"robots\" 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