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

Multifamily Trends Remain Positive in Phoenix

By Brian Tranetzki, Principal, Taylor Street AdvisorsMultifamily is staying strong despite COVID-19. That’s because this product type was coming off an extremely hot market at the end of 2019 and early 2020 before the pandemic hit. The Phoenix metro area remains one of the few markets nationally with positive rent growth due to the steady population increase. Now, just months away from 2021, the market is faced with many unknown factors, such as unemployment, election outcomes, continued …

September 24, 2020Arizona, Market Reports, Multifamily, Western, Western Market Reports

Phoenix’s Growth Keeps The Multifamily Sector Hot

Stemming from the ashes of 2009 — a decade later and a decade wiser — Phoenix and the surrounding Maricopa County has exploded to outpace the national averages in both rent and job growth. In fact, the entire State of Arizona is booming in population growth and job production. The Census Bureau just released its American Community Survey “One-Year Estimates” in which Arizona was named the fastest-growing state in the nation with a year-over-year growth of 2.2 percent.[caption …

January 18, 2020Arizona, Market Reports, Multifamily, Western, Western Market Reports

Employment, E-Commerce, Experiences Drive Phoenix’s Retail Market

Ecommerce and generational shifts in spending patterns have spawned discussions regarding the health and future of retail. However, Phoenix has proven to be one of the most resilient and dynamic retail markets in the country. This resilience is a product of corporate and residential migration from gateway markets due to increasing regulation and costs of living. Maricopa County has been named the fastest-growing county in the country for three years straight by the U.S. Census Bureau, and is …

January 17, 2020Arizona, Market Reports, Retail, Western, Western Market Reports

Phoenix’s Strategic Growth Positions Industrial for Success in 2020

Phoenix’s industrial inventory is undergoing a period of growth due to the delivery of 2.2 million square feet of new product in the third quarter of 2019 and more than 4.7 million year to date (as of late November). In fact, the market has seen the highest amount of total industrial development year to date since 2007. While these deliveries have increased the industrial vacancy rate slightly, the overall vacancy rate for the area remains low at less than 7 percent. Absorption has been …

January 11, 2020Arizona, Industrial, Market Reports, Western, Western Market Reports