The Phoenix metro and surrounding areas pose rich opportunities for commercial real estate developers. Rapid population growth will continue to drive the need for retail, residential, commercial and industrial growth through 2022 and beyond.
Review the most recent reported trends in the Phoenix commercial real estate realm.
Mixed-use development in Tempe
According to a report by AZ Big Media, mixed-use residential, restaurant and retail projects will continue to drive commercial growth in Phoenix suburbs into 2022. A pending addition to the Watermark dining and shopping complex will add The Pier, featuring 24 stories with 500 residential units, office space and additional retail.
Industrial space in Phoenix
Phoenix will add an estimated 18.44 million square feet of industrial and warehouse space through the end of 2021 according to projections from CommercialEdge reported by Phoenix Patch. The metro area ranks behind only Dallas in U.S. cities expected to see the largest growth in the industrial real estate sector this year.
Business growth in Scottsdale
AZ Big Media also reported on real estate growth in Scottsdale’s finance, insurance and health care industries. As more Americans of all ages relocate to the Sun Belt, commercial developers must invest in facilities to support jobs, physical and mental health needs, financial products, and other amenities for this new population. Major firms that have recently relocated operations to the Scottsdale area include Axon Enterprises. The Cavasson planned community will incorporate both residential and retail space.
When expanding or initiating a commercial real estate venture, the appropriate legal structure and documentation can help preserve the value of your investment.