Suburban Office Development: When Too Much Is Not Enough

The Valley’s office-building vacancy rate is at an all-time record high of 26.2 percent, according to economic advisory firm Applied Analysis. But this town was built on chance-taking, and our intrepid office-builders aren’t about to surrender to statistics.

Lance Bradford, a valley CPA for more than two decades and CEO of Stable Development, has built roughly 650,000 square feet of space in the city–a good chunk of it during the recession. Stable Development is now adding another 47,000 as we speak.

Its third and final building at Seven Hills Plaza in Henderson, near the intersection of St. Rose Parkway and Seven Hills Drive, will be anchored by Prudential Americana Group, taking up about three-fourths of the space, as that company consolidates two Henderson offices into one.

Prudential Americana, which endured a well-documented and testy bankruptcy five years ago, is now one of the fastest-growing real estate firms in the country. Run by CEO Mark Stark, his Nevada-Arizona real estate empire now tops 2,000 agents.

While logic may seem to run against adding even one more square foot of office space to this market, Stable Development is known for looking both ways before crossing the street: The firm doesn’t build a site until leases are complete, says Bradford. And additional tenants, including a title company, are already on deck to fill out the remaining space at Seven Hills Plaza.

So the gamble seems to be paying off. Meanwhile, the office buildings hollowed by the Great Recession await similar good fortune.