REBusinessOnline

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 …

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 …

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 …

Office Demand Remains Strong in Phoenix, Though Concerns Persist

Phoenix experienced 1.8 million square feet of absorption and an overall office vacancy rate dipping to 17 percent by the end of 2019. Now that the New Year is here, the city is poised to continue its positive progression as healthcare, science, technology and the professional office service sector continue to show steady employment growth. Arizona ranked third in the U.S. with 2.6 percent job creation, as of the third quarter of 2019. That’s 74,000 new jobs for the year, including 6,900 jobs …

City of Avondale Targets Growth in Multiple Sectors

The West Valley has a strong, talented workforce in the healthcare, finance, insurance and marketing industries, which has led to job growth increasing by 40 percent in the region, according to Westmarc. It’s no surprise that the West Valley City of Avondale, Ariz., located 15 minutes west of Downtown Phoenix, is experiencing pphenomenal growth. Much of this expansion is facilitated by Avondale’s location off two major freeways, including Interstate 10 and the Loop 101. The completion of …

Job, Population Growth Spur Phoenix’s Multifamily Market

The multifamily investment activity in Metro Phoenix remains extremely strong. This is driven by the employment and population growth in these markets, as well as by the affordability of rental housing compared to other parts of the nation. The employment growth has occurred in many segments, including technology, medical and finance. Technology companies are focused on cities where universities provide an abundant supply of skilled labor for these types of jobs. Arizona State University (ASU) …

Phoenix Is Defined by Land, Labor, Logistics

Phoenix has long enjoyed the benefits of land, labor and logistics. In today’s ecommerce-driven market, however, those benefits are propelling the Valley’s industrial activity, and opportunity, to new heights. The region has absorbed more than 5.8 million square feet of industrial space year-to-date. It has also welcomed almost 5 million square feet of new industrial construction, while industrial vacancy rates still sit below 7 percent — their lowest levels in 12 years. Some of this …

Collaboration is More Vital Than Ever to Keep Construction Schedules on Track

With commercial construction activity up by double digits in 2016 and projected to increase another 5 percent in 2017, the industry continues to keep a keen eye on labor shortages and construction costs. This rings even more true in the face of today’s increasingly stringent financing requirements — a critical project element that can push construction schedules out by months and, in the process, create challenges with accurate pro forma data, true labor schedules and pricing. [caption …

Demand, Product Coming to Phoenix’s Multifamily Market

With record-low cap rates dipping as far as 2.9 percent, the nation’s top multifamily markets have become expensive. In response, investors have turned to secondary markets like Phoenix, where upside potential is still strong, pricing is manageable and cap rates are hovering in the high 4 percent to mid-5 percent range. Although multifamily sales have maintained their accelerated pace nationwide, that pace is being driven by secondary markets — particularly in the West. [caption …

DiamondRock Acquires L’Auberge, Orchards Inn Resorts in Arizona for $97M

SEDONA, ARIZ. — DiamondRock Hospitality Co. (NYSE: DRH) has purchased the 88-room L'Auberge de Sedona and the adjacent 70-room Orchards Inn Sedona for a total of $97 million. The resorts are situated in the Red Rock region of Sedona on the banks of Oak Creek, just south of Flagstaff. DiamondRock plans to reposition the resorts through a $5 million capital investment plan, which will enhance the luxury cottages at L'Auberge, among other improvements. The renovations will be completed …

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