Category Archives: JLL Research

Valuable expert-provided insight on the Phoenix real estate market.

2018 & beyond: What will the law firm real estate landscape look like?

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The growing momentum in the global economy has forged a new path for the law firm real estate market. With more than 65 million square feet of new office supply under construction in just the U.S. alone, law firms are finding myriad choices for both location and space that’s… Read More

JLL’s Chief Economist shares his view on today’s U.S. economy and its impact on Phoenix

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JLL Chief Economist Ryan Severino recently visited Phoenix to present his views on today’s U.S. economy and the impact national conditions may have on the Phoenix commercial real estate market. Here are his top 4 takeaways.

1.Goldilocks economy should continue, with the potential for upside depending upon policy.

Global growth continues to accelerate… Read More

Southeast Market Area is home to the majority of new office construction in Metro Phoenix

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There was nearly 1.5 million square feet of new office under construction in Metro Phoenix at the close of the third quarter 2017. Over half of the new construction is pre-leased, occurring mostly in build-to-suit projects. The majority of development in the Valley is located in the Southeast Market Area, totaling 960,548 square feet.

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Phoenix multifamily led secondary market activity in Q2 2017

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Optima Kierland

The significant decline of transactions in primary markets has sustained strong liquidity in secondary and even tertiary markets. As a result, secondary markets comprised 44.6 percent of total multifamily transaction volumes at midyear, a record for this indicator if analyzing the past nearly two decades. Phoenix and Denver led… Read More

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

Labor shortage increases costs of Phoenix contractors, engineers and architects

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Construction activity is robust in the Phoenix market, and is expected to continue through at least the first half of 2018 based on current forecasts. Office, industrial and multifamily development is at an all-time high, and there are many new ground-up, build-to-suit projects underway throughout the… 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

Championship sporting events generate $1.3 billion economic impact in Metro Phoenix

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Major sports events held at the University of Phoenix Stadium have created an overall economic impact of more than $1.3 billion over the past three years. The most recent event, the 2017 NCAA Final Four, generated $324.5 million for the Phoenix economy. Over the four day weekend, more than… Read More

Bigger, better, stronger, faster… What’s trending in the data center industry?

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Don’t blink—today’s data center landscape is changing fast, as leading providers and users strive to stay competitive amidst rapid change. With record-breaking activity in M&A and data center construction in North America up a whopping 43 percent in the first half of the year, 2017 promises to be an… Read More

Arizona tourism generates record $21.2 billion in 2016

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In 2016, approximately 43 million people visited Arizona spending a record $21.2 billion in the state. The Phoenix MSA accounted for more than 65.5 percent, or $13.9 billion, of all spending in Arizona. With an estimated Gross Domestic Product of $9.2 billion, tourism is the number one export industry in the state.

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