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Media Note: Professor Mark Stapp is available for interviews on Phoenix real estate today.
While the Valley’s commercial real estate market continues to grow steadily; it will likely remain uneven for some product types and submarkets for the next six months. This is according to participants in the Commercial Real Estate Broker Forum. The group noted that while they’d like to say the entire metro commercial real estate market has fully recovered, the general consensus is that we are not quite out of the fully recovered.
The findings are the result of a bi-annual gathering of some of the Valley’s most successful commercial real estate brokers. Experts say that while the Phoenix-area commercial real estate market is on solid ground, there are some outside factors that continue to impact decision making among potential commercial real estate investors.
When asked what direction the Phoenix market is moving, the participants who said “up” dropped to 67 percent from 100 percent, the first time since the survey was started 2 and half years ago – a 33 percent drop over the past year. When asked where we are in the cycle, 62% percent said we were in “expansion” mode. However, this is down from 90% just six months ago.
While the respondents are feeling good about where we are – they are a little less optimistic than six months ago.
“There is continued activity in the marketplace and that enthusiasm is building,” says Mark Stapp, director of the Master of Real Estate Development program at the W. P. Carey School of Business. “However, while there is optimism, there is also a bit of concern. Since the Valley is completely submarket driven, some of the submarkets have not come close to recovery we were hoping to see.”
Arizona State University’s W. P. Carey School of Business gathered the group this March to discuss their insights and thoughts about what will happen between April 2016 and September 2016. The event includes a survey about real estate market trends on multi-family, retail, industrial, office space and more. Participants come from a variety of sectors, specializations and brokerage houses across the Valley. The event is moderated and co-organized by Pete Bolton, executive vice president and managing director of Newmark Grubb Knight Frank’s Phoenix office.
Below are some additional highlights from the survey for the metro Phoenix area. To read the consensus statements and view the full Brokers Forum Report, visit the Center for Real Estate Theory and Practice.
Overall real estate market:
Multi-family real estate market:
Industrial real estate market:
Office real estate market:
Retail real estate market:
Land and home real estate market: