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. FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU. Call me if you want to sell your property and need an estimated value. Phone: 480-948-5554 Prefer cell: 520-975-5207 or email me walterunger@ccim.net. – What is a CCIM. –
CLICK HERE TO VIEW ALL MY 60 MIL WORTH OF LISTINGS.
REAL ESTATE | 25 Oct, 2018 | AZRE
CBRE has released its Q3 MarketView reports, which analyze the third quarter performance of metro Phoenix’s office, retail and industrial commercial real estate sectors. Overall, the market exhibited strong activity across all property sectors.
“Metro Phoenix remains one of the fastest growing regions in the nation,” said Jessica Morin, Senior Research Analyst for CBRE’s Phoenix office. “Robust employment and population growth, combined with high levels of business confidence, underpin the positive performance of all commercial real estate sectors so far this year.”
According to CBRE Research, the top-level highlights include:
Q3 Office Highlights
- Net absorption in the third quarter totaled 599,884 square feet, resulting in 1.5 million square feet of net absorption year-to-date.
- Vacancy fell 110 basis points year-over-year to 15.7 percent. The Tempe submarket continues to hold the lowest vacancy in the market at 4.7 percent.
- Demand for Class B office space was particularly strong during the third quarter. As a result, vacancy fell 90 basis points quarter-over-quarter and 200 basis points year-over-year to 16.6 percent.
- Tightening vacancy put upward pressure on average rent. At the end of the quarter, the average leasing rate increased 3.3 percent annually to $26.03 per square foot (FSG-annual).
- Office demand outpaced new supply in the third quarter. Developers completed 194,000 square feet of office space in Q3 with an additional 3.3 million square feet underway. Nearly 73 percent of the space currently under construction is speculative development – signaling continued developer optimism in tenant demand. New development is highly concentrated in the Tempe and Chandler submarkets.
Q3 Industrial Highlights
- Net absorption reached 3,962,011 square feet in Q3 2018 and 7,739,857 square feet year-to-date.
- Overall, vacancy fell 160 basis points during the quarter to 5.7 percent—the lowest rate since Q4 2005.
- In the third quarter, 2,008,110 square feet of space was delivered. Currently, 7,739,857 square feet is underway, with speculative development accounting for 80 percent of this space. Construction is heavily concentrated in the Southwest Valley due to availability and affordability of land.
- Despite tightening conditions, the market’s average asking lease rate slipped from $0.64 to $0.63 NNN per square foot (monthly), where its hovered for the past few years.
- Industrial users across the Valley have become increasingly diverse. While manufacturing, third-party logistics, pharmaceutical, e-commerce, and food and beverage users remain active, data center users have increasingly expanded their footprint. The Valley continues to attract these users due to the ease of access to major national and international markets, comparatively affordable lease rates, and the availability and affordability of labor and land.
Q3 Retail Highlights
- Big-box users were particularly active in Q3 2018, absorbing more than 550,000 square feet of space. This was offset by recent big box move-outs including Sears, K-Mart, Sam’s Club and Toys “R” Us.
- The Phoenix retail market recorded 259,915 square feet of net absorption in the third quarter. Year-to-date, net absorption was 147,471 square feet.
- The marketwide vacancy rate edged up 10 basis points over the last 12 months to 8.4 percent.
- The Phoenix retail market’s average asking lease rate settled at $17.95 per square foot (NNN).
FROM ME: Now is the time, if you are thinking of selling or purchasing your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County, Pinal County, Arizona / Office / Retail / Industrial / Multi-family / please call me on my cell 520-975-5207 or e-mail me walterunger@ccim.net. Investors and Owner / Users need to really know the market today before making a move. The market has a lot of moving parts. 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 your needs. I am marketing my listings on Costar, Loop-net, CCIM, CREXi, Catylist, and various other web sites. 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. Are you ready to sell or purchase your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County and Pinal County, Arizona, please call me?
Click here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
CLICK HERE TO VIEW ALL MY 60 MIL WORTH OF LISTINGS.
https://www.crexi.com/properties?searchBrokerId=17513
http://walter-unger.com/gold-canyon-resort-sells-for-29-4m/
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
History of Arizona from 900 BC – 2017 -Timeline.
History of Arizona from 900 BC – 2017 -Timeline.
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”
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
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
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU PLEASE CALL ME
CLICK HERE TO VIEW ALL MY 60 MIL WORTH OF LISTINGS.
https://www.crexi.com/properties?searchBrokerId=17513
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.
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.
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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