Job Gains, Visitors Returning Jolt Retail Consumption in Phoenix, While Growth Projections Buoy Investor Sentiment

By Ryan Sarbinoff, First Vice President, Regional Manager, Marcus & MillichapRetail metrics in the Valley have soundly improved after enduring some turbulence during the health crisis. Through the first nine months of 2021, net absorption totaled roughly 1.6 million square feet, putting the market on a trajectory to record its highest annual count since 2017. More than half of that absorption was logged between July and September, indicating that momentum is building. Phoenix …

March 7, 2022Arizona, Market Reports, Retail, Western, Western Market Reports

No End in Sight for Phoenix’s Industrial Strength

By Pat Harlan, Managing Director, JLLLabor, geography, population growth and a steady stream of cost-effective, “speed to market” solutions make Phoenix one of the most dynamic industrial markets in the country. Based on existing fundamentals, 2022 is on track to be another record year. As of third-quarter 2021, Phoenix had landed just under 16 million square feet of net leasing year-to-date. Absorption had improved by more than 28.5 percent in the same 12-month period, to total …

February 25, 2022Arizona, Industrial, Market Reports, Western, Western Market Reports

Phoenix’s Office Market is Coming Back (Whether Some Companies Like It or Not)

By Phil Breidenbach, Senior Executive Vice President, ColliersCompanies are coming back to the office in Phoenix. Businesses are envisioning the return of their workforce as many look for new space or reconfigure their existing facilities. Building owners feel the momentum. We have reason to be optimistic — the future of the office and how we use the workplace is exciting! Getting there, however, will be turbulent. Your patience may be tested.Colliers’ fourth-quarter office …

February 18, 2022Arizona, Market Reports, Office, Western, Western Market Reports

Strong Economic Fundamentals Fuel Record Multifamily Metrics in Phoenix

By Matt Pesch, Vice Chairman, CBREThe multifamily market in Phoenix experienced a record-setting year in 2021. Market vacancy dropped below 3 percent for the first time, the region led all U.S. metros in year-over-year rent growth for every quarter and total multifamily investment sales volume topped $12 billion. This was nearly double the volume from 2019 and a 125 percent jump from 2020. These metrics are driven by Phoenix’s primary economic drivers of nation-leading population and job …

February 4, 2022Arizona, Market Reports, Multifamily, Western, Western Market Reports

Phoenix’s Office Market Remains Questionable

By Laurel Lewis, Senior Vice President, NAI HorizonThe office market is in uncharted territory, like going “Down the Great Unknown." When John Wesley Powell navigated through the Grand Canyon, he did not know what lay ahead. Perhaps if he did, he might have chosen to leave it uncharted. Yet here we are in the midst of the proverbial river, wondering what lies ahead.The advent of a pandemic is changing minds about how and where we work. The work-from-home model may have started a …

October 26, 2021Arizona, Market Reports, Office, Western, Western Market Reports

Small Businesses Make Big Strides in Phoenix’s Retail Market

By Matt Harper, Senior Vice President of Retail, NAI HorizonArizona relies heavily on a robust tourism industry. When COVID-19 hit, it was a massive blow to the hospitality and retail sectors. Coming out of the pandemic, however, the Metro Phoenix retail sector has shown great resiliency, especially mom and pops.Phoenix ended the fourth quarter of 2020 with a positive net absorption of 124,330 square feet of retail space. With negative net absorption in the second and third quarters …

October 19, 2021Arizona, Market Reports, Retail, Western, Western Market Reports

Phoenix Multifamily Continues Its Upward Trajectory

By Drew Ricciardi, Research Manager, ABI Multifamily Research ManagerFollowing a chaotic year that left investors on the sidelines, the Phoenix market proved resilient. In fact, it ended up witnessing one of the most significant rebounds nationally. The Phoenix multifamily market exploded with a record start for 2021 and is now considered one of the top multifamily markets in the country.Phoenix continues to see robust population increases due to job growth, quality of life, industry …

October 12, 2021Arizona, Market Reports, Multifamily, Single-Family Rental, Western, Western Market Reports

Phoenix’s Industrial Market is Firing on All Cylinders

By Rob Martensen, Executive Vice President, ColliersAs a racing driver, it is important that my vehicles fire on all cylinders to run their best. In the Phoenix metro area, the engine cylinders of the industrial market are the different industries, as well as the geographic locations around the Valley where these industries conduct business.First, let’s look at advanced manufacturing. Intel, which already has a large presence in the Southeast Valley, just announced a $20 billion …

October 5, 2021Arizona, Industrial, Market Reports, Western, Western Market Reports

Phoenix’s Life Sciences Market is on a Record Rise

By Alexandra Loye, Senior Vice President, Healthcare & Life Sciences Services, ColliersDespite global and domestic market challenges from the pandemic, Phoenix continues to shine amongst its competitive Western cities. With Maricopa County being the fastest-growing county in the U.S., Phoenix offers employers a diverse, educated workforce, business-friendly environment and affordable housing options. Arizona’s economy is booming and experiencing record revenue growth, as well as …

September 28, 2021Arizona, Life Sciences, Market Reports, Office, Western, Western Market Reports

Phoenix’s Industrial Market Remains Busier than Ever

By Peter Batschelet, Principal, Lee & AssociatesIn a year of unknowns, hypotheticals and uncertainties, the Phoenix metropolitan area and Maricopa County were the complete opposite. In fact, 2020 was a record-setting year in this region’s industrial market for several reasons. For starters, there was nearly 14 million square feet of new construction delivered. This is twice as high as any year in the past decade and roughly equivalent to the deliveries from the past two years. In …

March 8, 2021Arizona, Industrial, Market Reports, Western, Western Market Reports