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

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 …

January 10, 2020Arizona, Market Reports, Office, Western, Western Market Reports

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 …

January 4, 2020Arizona, Market Reports, Western, Western Market Reports

Phoenix Retailers Move To Be Upfront, Center

With all the changes occurring in retail over the past decade, the industry, as a whole, is being transformed before our eyes. These shifts have impacted how new retail development is taking place throughout the Phoenix area. It is also driving a significant change to how retail developers will operate over the next decade. [caption id="attachment_254990" align="alignright" width="100"] Dave Cheatham, Velocity Retail Group[/caption] The operational changes are dramatically affecting the …

August 31, 2019Arizona, Market Reports, Retail, Western, Western Market Reports

Phoenix Market Demand Sustains Multifamily Devleopment

Multifamily rental demand in Metro Phoenix has been supported by higher education, while job growth has bolstered construction in the core and neighboring suburbs. Arizona State University has transformed the multifamily properties surrounding its large campuses in Tempe, Downtown Phoenix, Glendale and Mesa. The multifamily rental assets in the West Valley submarket have also been rejuvenated by Grand Canyon University. Thanks to these institutions and several others in the Greater Phoenix …

August 30, 2019Arizona, Market Reports, Multifamily, Western, Western Market Reports

Phoenix Eyes Industrial Prospects, Industrial Prospects Eye Phoenix

Phoenix is known for its strength as a logistics and distribution market. This is particularly true in the Southwest Valley, which has become the poster child for all that makes Phoenix industrial space great: strong population growth, a deep and qualified workforce, an abundance of land and building opportunities, and a lower-cost, business-friendly regulatory environment. [caption id="attachment_255001" align="alignright" width="100"] Anthony Lydon, JLL[/caption] As of the second …

August 24, 2019Arizona, Industrial, Market Reports, Western, Western Market Reports

Phoenix Apartment Market Remains Red-Hot, Fueling Influx of New Capital

It isn’t just temperatures that are scorching in the Phoenix metro this summer. The multifamily rental market is hot as well; and vigorous demand is coming from both renters and investors. Investors are snapping up apartment properties and paying hefty prices. Buyers spent $3.72 billion on 94 Phoenix-area apartment complexes in the first half of 2019, a 41.8 percent jump from the first half of 2018. Sales in the $50 million range experienced the greatest rate of acceleration. The Driving …

August 23, 2019Arizona, Market Reports, Multifamily, Western, Western Market Reports

Phoenix Earns Spotlight on National Stage Among Office Users

Greater Phoenix has re-cast itself in this real estate cycle. It is no longer expected to play the “boom-to-bust” role in the office sector. The metro area has definitely expanded its breadth of industries, reaching beyond homebuilding and professional services to now feature some of the country’s leading insurance corporations, technology companies and medical innovators. This diversification promises to buffer any future fall in nationwide economic activity. Greater Phoenix continues …

August 16, 2019Arizona, Market Reports, Office, Western, Western Market Reports