Commercial Real Estate Advisor in Phoenix

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The shape of the retail recovery and its challenges varies widely across the US, with some markets still experiencing degrees of closures and others wide open for business. Arizona currently falls in the wideopen for business end of the spectrum. The Governor recently rescinded local mask mandates and indoor dining capacity restrictions. Retailers and consumers in Arizona adapted very quickly to changing conditions. While most sub-sectors of retail took heavy hits during the recession, retail sales are 6.3% above the March 2020 mark. In a state heavily dependent on tourism, the hospitality sector has high expectations for a surge in domestic travelers through the typically slow summer season.

Arizona’s industrial market is emerging in better shape relative to competitive markets than it was prior to the crisis. Industrial real estate boomed during the pandemic, as it proved itself to be key critical infrastructure in an economy under stress. The Phoenix market shined as the spotlight fell on its strategic location and quality of available, newly-built buildings.

Recent large lease deals for corporate occupiers as well as relocating start-ups from California are helping assure a positive outlook for the Phoenix Office Market. While record negative absorption this quarter is stark, relative to the rest of the nation, Phoenix is highly competitive and poised for a strong recovery. Its momentary problems are shared by every major US market, but its advantages are unique.

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