The Phoenix real estate market just got a major upgrade with The Esplanade’s $45 million renovation, setting a new standard for Class A office space in the city. Located at the southeast corner of 24th Street and Camelback Road, this iconic office complex now boasts an impressive array of tenant amenities designed to attract top-tier businesses and professionals.
What’s New at The Esplanade?
The renovations have added 30,000 square feet of premium amenity space, including:
✅ Conference Center – A state-of-the-art space for meetings and corporate events.
✅ Luxury Tenant Lounge – Ideal for networking, working, or relaxing.
✅ Full-Service Restaurant & Bar – Featuring Hearsay by Episcope Hospitality with private liquor lockers and a vinyl listening room.
✅ High-End Fitness Center – With luxury locker rooms, daily fitness classes, and both indoor and outdoor workout spaces.
✅ Upgraded Lobby & Landscaping – Enhancing the overall experience and connectivity within the campus.
New Dining Options Coming Soon
The Esplanade isn’t just upgrading office spaces—it’s turning up the heat on Phoenix’s dining scene with three new restaurants opening this spring:
🍽️ Little Pickle – A Jewish deli serving classic New York-style sandwiches.
🍸 151 Tavern – An upscale bar perfect for post-work drinks.
🌮 Camello – A chef-driven Mexican restaurant bringing fresh flavors to the office crowd.
Why This Matters for Investors
The Camelback Corridor is already one of Phoenix’s hottest office submarkets, and The Esplanade’s upgrades are further proof that premium office spaces are in high demand.
📈 Market Insights:
- 19.8% Vacancy Rate – One of the lowest in Phoenix.
- $38.82 per Square Foot – The highest rental rates in the Valley.
- Strong Absorption – 33,866 square feet of positive net absorption in Q4.
With more companies pushing for a return to office, high-end amenities are becoming a key factor in attracting and retaining tenants. Employers know that a premium workspace with dining, fitness, and social perks can make coming into the office more appealing.