“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “
I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS CLICK HERE TO VIEW ALL MY $ 60 MIL OF LISTINGS Call me if you want to sell your property and need an estimated value. Direct : 602-759-1209, Prefer cell: 520-975-5207 or email me walterunger@ccim.net.
Brenda Richardson Contributor Real Estate I cover residential real estate, including buying, selling and trends.
A business-friendly environment, plentiful job opportunities and affordable cost of living have pushed Phoenix to the top of the list of the fastest-growing cities in the United States. Newly released Census data for city population growth shows that the South and West continue to have the fastest-growing cities in the United States. Phoenix placed No. 1 on the list with an increase of 25,288 new residents between 2017-2018.
Phoenix remains the fifth most-populous city in the nation with a population of 1,660,272. Rounding out the top five cities with the largest population increases were San Antonio, experiencing an increase of 20,824; Fort Worth, Texas (19,552); Seattle (15,354); and Charlotte, North Carolina (13,151).
Affordable housing, new business formations and job creations are luring Millennials to Phoenix, says Eric Jay Toll, communications manager for community and economic development for the City of Phoenix.
The Great Recession was a wake-up call for Phoenix. Service-sector jobs in hospitality, retail and construction were hit particularly hard. The downturn accelerated the growth of a strong technology-based market in the last decade that has revitalized the metro area’s economy. For example, bioscience and healthcare are big fields here. The workforce in bioscience increased by over 100,000 people from 2007, a near doubling of the manpower.
“We’ve been adding a lot of jobs in the advanced industries, manufacturing, business and financial services, technology, bioscience and healthcare,” says Toll. “Those jobs tend to pay higher salaries, they are recession-resistant, and they now make up close to 60% of the metro area workforce. Before the recession in 2007, they only made up 48% of the Phoenix metro workforce.”
SThe promise of good jobs and good pay has attracted a diverse group of skilled professionals primarily 25 to 45 years old, many of whom are from other states or countries. It’s the largest age group moving in, based on 2017 data.
“The change in our workforce has made the market really attractive to people from outside the area,” Toll explains. “Since the 2010 census, we’ve added around 680,000 new people to the population, and 385,000 of those came from outside the area, around the United States. And about another 180,000 came from foreign countries. The largest immigrant group into the Phoenix area has been from Asia, and Latin America is second. Technology and bioscience jobs are drawing them in.”
Many entrepreneurs are creating businesses and helping revitalize the economy. Toll says the Kauffman Foundation has rated Phoenix as one of the top metro areas for startups and entrepreneurships for at least the last four years.
“There are a number of fields that entrepreneurs are going into,” explains Toll. “We have a lot of bioscience startups. That’s because of an investment that Phoenix and our partners have made into what is called the Phoenix Biomedical Campus.”
One of Phoenix’s partners is the Translational Genomics Research Institute. TGen is a Phoenix-based nonprofit organization dedicated to conducting groundbreaking research with life-changing results. It is affiliated with City of Hope, a world-renowned independent research and treatment center for cancer, diabetes and other life-threatening diseases.
Phoenix and its partners, the University of Arizona, Arizona State University and TGen, have invested $500 million into developing the Phoenix Biomedical Campus.
“We have 10,000 science professionals who work in that area now, which is located in the downtown campus,” says Toll. “We have commitments in the pipeline for development of new biomedical and primary healthcare facilities that have a value of $3.5 billion and will bring into play over 4.1 million square feet of facilities, and it’s over the next two years. To put that in perspective, when I say primary bioscience and healthcare, I’m talking about research facilities, educational facilities and hospitals. I’m not counting urgent-care clinics, medical office buildings or doctors’ offices.”
Toll says Phoenix benefits from reasonable taxes and a stable business environment. Downtown Phoenix is home to more than 300 technology companies in 2019 compared with 67 in 2012. Metro Phoenix also has benefited significantly from the growth in the financial services sector.
“In financial services, we’ve got American Express, including their technology center, Discover, USAA, Charles Schwab, Vanguard, Nationwide Financial, Allstate, Wells Fargo, Bank of America, Chase, PayPal, Paychex, Northern Trust Bank and Quicken Loans,” says Toll. “They all have huge offices, some with thousands of employees in each office.”
Vanguard uses its Scottsdale, Arizona, facility as a mirror headquarters when weather conditions shut down its main headquarters in Valley Forge, Pennsylvania.
“A lot of companies are looking at Phoenix because we have no natural disasters, no earthquakes, no wildfires, no tornadoes,” explains Toll, jokingly adding, “We don’t have natural disasters unless you consider summer heat.”
Phoenix has more to offer beyond golf courses, including museums, city parks, hiking and mountain biking trails, major league sports teams and performing arts venues.
“We get a big influx of people after a bad winter, and I think we’re seeing that this year,” says Toll.
Phoenix is one of the few major metro areas where an average single wage, as opposed to total household income, buys an average home. Compared with many other major U.S. cities, housing is relatively affordable in the Phoenix metro area, which is luring a growing number of new residents, especially Californians. Demand for apartments, however, is outpacing supply, which is pushing up rental prices.
“Many of the buyers I work with are moving away from expensive places in California to escape high taxes, traffic and natural disasters,” says Phoenix-area Redfin real estate agent Van Welborn. Vincent Shook, another Phoenix Redfin agent adds: “When a California resident visits Phoenix and sees how much more home they can afford here, it really gives them something to think about. Plus, Phoenix property taxes are just so much lower.”
“We’re starting to get significant high-rise developments in Phoenix with multiple-use retail on the ground floor,” says Toll. “Last summer, at one point we had more cranes over downtown Phoenix than they did in downtown Los Angeles. We have eight more high-rise buildings that will be breaking ground in downtown Phoenix before the end of this year. That will bring the total to 19 multifamily developments that have been built or under construction in a 24-month window. During the recession, we didn’t have any multifamily development. We went almost 10 years without any new major apartment buildings. So there’s big demand. When these new developments open up downtown, they are beating their occupancy projections.”
Frank Nothaft, chief economist at Corelogic, says the Census report is consistent with the trends the real estate data and analytics provider has seen in housing activity with the largest number of new homes built in the South and West.
“Job opportunities, a low cost of living and warmer weather are attractions,” says Nothaft. “For instance, across metropolitan areas, the largest number of new-home sales and the greatest increase in sales activity occurred in the South and West. The Houston, Dallas, Atlanta and Phoenix metropolitan areas topped the list of new single-family building in 2018 with each averaging more than 1,500 new sales per month. All four of these metros have low unemployment rates and employment growth that exceeded the national gain.”
Phoenix is also seeing strong growth in residential infill development. “Parcels of land that have been undeveloped for decades are now starting to come out of the ground,” says Toll.
Brenda Richardson Contributor
I am an award-winning journalist and former real estate editor at the Chicago Tribune, where I was cited for excellence by the staff for my work in launching and editing home improvement and real estate sections. The Tribune’s real estate section was ranked as the third best in the country under my tenure by the National Association of Real Estate Editors. I am equally adept at writing about resilient housing, smart-home technology, real estate trends, home improvement and design. My real estate articles have been published in The Washington Post, Chicago Tribune and several digital platforms, including forbes.com, chase.com and discover.com. Previously, I was as an editor at the Atlanta Journal-Constitution and San Antonio Express-News. Email tips and story ideas to brendayrichardson@gmail.com. Follow me on Twitter at @homesbrenda
FROM ME:
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial en.wikipedia.org/wiki/CCIM I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS CLICK HERE TO VIEW ALL MY $ 60 MIL OF LISTINGS PLEASE CALL ME – Direct : 602-759-1209 , cell: 520-975-5207 or email me walterunger@ccim.net
WEEKLY LAND SALES
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WEEKLY LAND CLOSING UPDATE / APRIL 5, 2019 / Phoenix Arizona Metro, Maricopa County, Pinal County.
I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS CLICK HERE TO VIEW ALL MY $ 60 MIL OF LISTINGS
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WEEKLY APARTMENT CLOSING UPDATE THROUGH June 21, 2019, Phoenix Arizona Metro.
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WEEKLY APARTMENT CLOSING UPDATE THROUGH May 31, 2019, Phoenix Arizona Metro.
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WEEKLY APARTMENT CLOSING UPDATE THROUGH April 5, 2019, Phoenix Arizona Metro.
I AM YOUR LAND / INDUSTRIAL AND INVESTMENT SPECIALIST / LOOKING FOR OWNERS CLICK HERE TO VIEW ALL MY $ 60 MIL OF LISTINGS
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
CELL: 520-975-5207
Direct: 602-759-1209
Office: 602-445-4112
Fax: 602-865-7461
CLICK HERE TO VIEW ALL MY LISTINGS
“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ ARE YOU READY TO SELL OR PURCHASE YOUR INDUSTRIAL / OFFICE OR RETAIL BUILDING OR YOUR LAND in Phoenix, Maricopa County and Pinal County, Arizona, please call me. Office: 602-445-4113, Direct : 602-759-1209 , cell: 520-975-5207 or email me walterunger@ccim.net. … CLICK HERE TO VIEW ALL MY LISTINGS.
Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
History of Arizona from 900 BC – 2017 -Timeline.
8 Reasons You Should Invest in Land
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION
ARIZONA FACTS – YEAR 1848 TO 2013
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
PHOENIX PROJECTED AS NUMBER ONE US HOUSING MARKET FOR 2017
LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17
Reasons to Consider me for Commercial Referrals – I have the Knowledge and Experience
Click here to View My Listings and Profile
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Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
2016 Official Arizona Visitors Guide
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
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, Tucson, Arizona.
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
Direct: 602-759-1209
CELL: 520-975-5207
Office: 602-445-4112
Fax: 602-865-7461
CLICK HERE TO VIEW ALL MY LISTINGS
“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “
Also Call me if you need an estimated value of your Property.
Call me if you want to see a map with what is in the Construction Pipeline for Apartments.
Direct : 602-759-1209, Prefer cell: 520-975-5207, or email me walterunger@ccim.net. CLICK HERE TO VIEW ALL MY LISTINGS.
Check out my professional profile and connect with me on LinkedIn.
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. 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
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