Trends:

RENOVATIONS

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SURVIVAL

  of the  

FITTEST:

Competition Through Renovation

At  

the close of 2016, the average office vacancy 
rate in Phoenix sat at just 17.5 percent. Over 
the past 12 months, we’ve welcomed almost 

2.5 million square feet of new office construction and 
absorbed more than 3 million SF of existing space. This 
is, in part, thanks to the Valley gaining back all of the 
jobs lost during the Great Recession … and then some. 

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 “Unlike the reality we were facing just a few years 

ago, today’s Phoenix’s office market is one of optimism 
and growth,” says Lincoln Property Company Executive 
Vice President David Krumwiede. “Companies continue 
to expand and relocate here because they want efficient, 
high-quality space; office designs that foster collaboration; 
and amenities that help them attract and retain top talent, 
particularly in the Gen X and Millennial age groups.”

3131 & 3133 Camelback offer a prized, heart-of-the 
Camelback Corridor Class A office location. As one 
of the newer assets in LPC’s renovation push, the 
buildings are home to LPC, JLL, Johnson Bank, MGA 
Consulting, Phoenix Commercial Advisors, HSAG and 
SRS Real Estate Partners. In addition to maintaining 
a full menu of building services and an on-site coffee 
bar, LPC has created a collaborative outdoor lounge 

area (with Wednesday food trucks), new state-of-the-
art conference center in the 3131 building, and has 
upgraded lobbies in both buildings with contemporary 
new furnishings. 

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 “Tenants love this campus and 

its location, and we continue to earn their loyalty 
by keeping these buildings well-maintained and 
amenitized,” Krumwiede says.

Enter the property renovation.

In 2016, LPC kicked off almost $6 million in renovation 
activity across five of its prominent Phoenix office 
assets. Like its competition, LPC’s goal is to strategically 
infuse these already well-known and well-located 
buildings with modern amenities – making them 
strategically competitive to a new era of tenants. 

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For the last many months, LPC has been actively 
putting this renovation strategy into action. Here’s a 
look at their latest activity. 

3131 & 3133 Camelback

Dave Krumwiede

3131 Patio