Industrial development around Phoenix Deer Valley Airport is booming due to demand from semiconductor suppliers and other expanding companies. Major developers are spearheading projects in the area. Pre-leasing of nearly 60% of 2 million square feet of industrial space reflects high demand. Proximity to the under-construction Taiwan Semiconductor Manufacturing Co. project adds to the area’s allure. Existing major employers include USAA, Honeywell Aerospace, Amazon, and FedEx, further boosting demand. Additionally, a significant land auction near TSMC is scheduled, indicating the area’s potential as a technology hub.
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A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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