Education is the key to unlock the golden door of freedom.
George Washington Carver
February 27, 2015
A major corporate influx is underway into Phoenix, and rather than settle for old space, they’re looking for new (just this week, Northern Trust announced it’s building a 450k SF operations center in Tempe).
One of the hotspots for office in greater Phoenix is Tempe, says Douglas Wilson Cos CEO Douglas Wilson. “We see Tempe as the leader in the commercial real estate recovery, attracting tech users and professional services firms.” He adds that the City of Tempe understands smart growth and has worked hard to attract businesses with the light rail system, developed infrastructure, a walkable downtown area, and overall central location in the Valley.
“All of these elements are what attracts businesses to the area,” Douglas adds. “We’ve witnessed this first hand with the traction we have received on our project at Mill Ave & Rio Salado [pictured], the former Monti’s Restaurant site.” Plans for that property, which Douglas Wilson is developing with Phelps Development of Greeley, call for a 274-room hotel and a 280k SF office building. Tempe’s got a tight office market, with vacancy of about 9%.
One thing that sets Phoenix apart are its lower barriers to entry, Walker & Dunlop SVP Brandon Harrington tells us. “If you want to purchase a 150-plus unit Class-B multifamily asset in San Francisco or LA, you could easily be north of $30M, which takes many private entrepreneur owners out of the market,” he says. In Phoenix, an investor can potentially purchase a 150-unit, Class-B asset in the $10M to $15M range with a higher cap rate. In addition, Phoenix has a very friendly business environment, no rent control, relatively affordable real estate taxes and in general is more landlord friendly.
Also, Phoenix has been adding jobs at a pace of about 50,000 per year in the last three years, Brandon points out. Most sectors are adding locally, with the big exception being construction, which still isn’t adding jobs because housing construction has been limited. “A larger share of the jobs we’re adding locally are in white-collar sectors, which tend to be higher wage,” he adds. Companies are feeling better about the state of the economy, which leads to better occupancies in all sectors. With interest rates still low, and owners keen to goose returns as much as possible, it’s also still prime time for refi in the Phoenix multifamily market. “For borrowers, there are several new lending options, such as the new Freddie Mac Small Balance program, and lenders are getting very aggressive to win business,” Hunt Mortgage Group SVP Darrell Clark tells us.
I am actively looking to build relationships with Real Estate Investors and Owner / Users for Phoenix – Scottsdale – Tucson – Maricopa County – Pima County – Pinal County – Cochise County – Santa Cruz County –Yavapai County – Gila County – Arizona , USA
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
1
Timeline of Phoenix, Arizona history
http://en.wikipedia.org/wiki/Timeline_of_Phoenix,_Arizona_history
2
http://en.wikipedia.org/wiki/Phoenix,_Arizona
3
Facts of Arizona – year 1848 to 2013
http://walter-unger.com/?p=9507
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix.
1-520-975-5207
View my listings and my profile at:
http://www.loopnet.com/profile/14101172900/Walter-Unger-CCIM/Listings/
Investors and owner/users need to really know the market before making a move in commercial investment properties as the market has a lot of moving parts today. What’s going on socio-economically, what’s going on demographically, what’s going on with location, with competing businesses, with public policy in general — all of these things affect the quality of your commercial properties/investment properties. Therefore, you need a broker who understands commercial properties. Please go to my web-site and get all the newsflashes and updates in Commercial Real Estate.
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. I am also a commercial land specialist in Phoenix and a Landspecialist in Arizona. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207 or Office:480-948-5554
Thank You
Walter
Walter Unger CCIM
Associate Broker, West USA Commercial Real Estate Advisers
7077 E. Marilyn Road, Bldg 4, Suite 130
Scottsdale, AZ 85254
Cell: 520-975-5207
Office : 480-948-5554
Fax: (480-658-1172
View my listings and my profile at:
http://www.loopnet.com/Profile/14101172900/Walter-Unger-CCIM/
a little about me and my expertise – video
commercial-investment real estate adviser-land specialist
https://www.youtube.com/watch?v=PPs3kpKR4nY
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