WillScot Mobile Mini Holdings has signed a deal for nearly 90,000 square feet at Scottsdale Entrada, an office complex in the greater Phoenix area, marking the largest lease in the region this year. This new lease is a significant expansion from their current headquarters, nearly doubling their space. The company will move from their existing 46,700-square-foot headquarters at East Gateway Center to the new location by November 2025. The deal highlights a trend where companies are favoring high-quality, new office properties, even as overall demand for office space has declined since the pandemic. Newer office buildings are successfully attracting tenants, while older properties are struggling to retain them. The Scottsdale area is becoming increasingly popular due to its proximity to Sky Harbor Airport, Arizona State University, and other amenities, attracting tech companies and commanding higher rents.
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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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