March, 2006: State of Arrowhead Park

Knowledgeable speakers brought the State of Arrowhead Park into clear focus on March 31, 2006, as the APA held its quarterly Member Networking Event. APA Member Courtyard by Marriott hosted the morning gathering.

Presenters included Dan Klein of CB Richard Ellis Reichle Klein filled attendees in on the latest happenings involving Arrowhead Park's 65 office buildings, representing some 1.9 million square feet of office space. Highlights of Mr. Klein's presentation:

• Current Arrowhead Park vacancy rate is 10.45%.
• 22 buildings within the park have at least some vacancy.
• Only 6 properties in Arrowhead Park can accommodate a tenant needing 10,000 or more square feet of space.
• Four properties within the park have been sold recently. Sale price ranged from $990,000 to $3.3 million.
• Arrowhead Park remains a strong and valuable location for lenders, developers and investors.
• Limited construction and a tight market for office space will likely cause lease rates to increase in the future.
• New competition from area business parks will offer challenges to Arrowhead Park.

Mr. Klein's full presentation is available for download as a PDF document.

City of Maumee Administrator John Jezak shared a wealth of information at the meeting as well:

• An estimated 12,247 workers were employed in Arrowhead Park (2002 figures-most recent available).
• Vacancy rates in Arrowhead Park have declined steadily since reaching a high of 20% in 2000.
• 36,000 vehicles per day use the Dussel Drive interchange at I-475.
• An estimated $4.6 million in city of Maumee taxes were paid by companies located in Arrowhead Park in 2005, representing 30% of the taxes collected from the entire city of Maumee.

Download PDF showing Principal Income Taxpayers and Employers in the city of Maumee.