Author Archives: Kiana Cox

Phoenix industrial vacancy approaches pre-recessionary low

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There have been no signs of a slowdown as the market continues to record strong absorption gains, consistent rent growth and healthy development activity. This year is on pace to record over 8.8 million square feet of positive absorption, marking the eighth consecutive year of positive absorption gains.

During the previous cycle,… Read More

Phoenix office rents increase to highest level in nine years

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Office rental rates in the Phoenix market increased to $25.21 per square foot in the second quarter, quickly approaching the previous peak of $26.82 per square foot set in 2007.

Click on chart to view larger.

 

With absorption surpassing 12.6 million square feet and only 8.8… Read More

Valley cities and towns some of the healthiest in the U.S.

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Scottsdale (#3) and Tempe (#11) both ranked highly in an annual report on the Healthiest Cities in America.

Recognizing the correlation between fitness and nutrition, Tempe ranked 2nd in Healthy Restaurants per capita.

With almost year-round sunshine and plenty of hiking options, biking trails, golf courses and swimming pools, the Phoenix… Read More

Manufacturing properties are driving Phoenix industrial rental rates

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According to JLL’s Q2 Phoenix Industrial Insight Report, the hot activity of manufacturing companies is driving up industrial rental rates. In the last year alone, manufacturing rates have surged 18.6 percent, to $0.59 per square foot. This sector has been particularly active in the Southeast Valley, especially in Tempe and Mesa.

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Strong big box speculative construction and leasing expected in the West Valley in 2017

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swic-grdind-lr-pano2-2015-01-07

Southwest Industrial Center, owned by Hines, leased by JLL

With ample land available for development and relatively low construction costs, users in the Phoenix industrial market often decide to build their own facility instead of leasing space in existing properties. However, leasing activity in existing… Read More

Phoenix ranks No. 9 for building wealth

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PowerPoint Presentation

Phoenix ranked No. 9 in a recent study of the “Best Cities for Building Wealth in 2016,” ahead of New York, Chicago, Philadelphia and Dallas.

Bankrate ranked cities based on five categories: savable income, human capital, access to financial services, homeownership rate and debt burden. Phoenix had the third… Read More

Just how much cheaper is Phoenix for tech companies compared to Silicon Valley?

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There are many reasons tech companies are choosing Phoenix as their home: a more affordable quality of life for employees, a strong and growing talent pool, and—most significantly—a lower cost of doing business including lower real estate costs.

According to JLL’s U.S. Technology Outlook, office rent in Phoenix’s most expensive tech submarket (Tempe) is 71 percent cheaper than Silicon Valley’s most expensive tech submarket (Menlo Park) and is 34 percent cheaper than… Read More

Phoenix multifamily sales on pace for record year

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As one of the most active multifamily markets in the nation, Phoenix continues to record positive growth across all multifamily fundamentals including rent growth and occupancy levels.

Phoenix recorded $3.6 billion in transaction volume in 2015 on transactions larger than $5.0 million. As of the second quarter of 2016, over $2.5 billion has already transacted and has a strong opportunity to surpass its historical peak of $4.4 billion recorded in 2006.

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Phoenix tops Western U.S. population growth

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cow_phoenix_population-growth_september-5-2016-croppedSurging 9.3 percent, Greater Phoenix recorded the highest percentage population gain of all the major metropolitan areas in the Western United States from 2010 to 2016.

More than 391,000 people moved to the Valley in the past six years, growing from 4.1 million residents in 2010 to nearly 4.6 million residents in 2016.

Source: JLL… Read More