According to the U.S. Bureau of Economic Analysis, Arizona ranked No. 4 nationally for annual gross domestic product (GDP) growth in the second quarter of 2016, just behind of Idaho, Nebraska and Utah.
Arizona’s GDP growth of 2.7 percent was led by growth in real estate and rental and leasing; health care… Read More
The Phoenix retail market continues to enjoy declining vacancy rates and increasing asking rents, both expected to continue into the coming months.
Phoenix’s retail growth is tied directly to the residential real estate market. Lowering foreclosure rates, increased construction, and affordable housing costs have led to the demand for new retail development across the Valley. In neighborhood grocery-anchored centers, one… Read More
In September, our JLL family grew a little larger with the addition of Tivon Moffitt, Peter Bauman and John Paul Mulhern. The team leads the Phoenix office’s net lease investment sales practice. In the second edition of our “Broker Spotlight” series, we sat down with the new team members to learn more about their brokerage focus area, their background and hobbies.
For office tenants able to think outside of the big box, Arizona’s lingering retail vacancies can equate to major opportunity. Such is the case with the recently completed renovation of the Tucson Galleria – a $16.4 million effort led by the Phoenix office of JLL that transformed a long-vacant retail mall into a cutting-edge Western region customer support center for Comcast Cable.
Located in Tucson, the 165,000-square-foot Comcast facility was originally built in the mid… Read More
According to the BLS, total non-farm employment in Metro Phoenix reached 1,964,800 payrolls in February 2016, representing an annualized increase of 67,000 jobs or 3.5 percent. Meanwhile, unemployment continues to improve, decreasing to 4.6 percent, down 80 basis… Read More
In a study of America’s fastest-growing cities, Phoenix ranked #15 among the 100 largest U.S. metropolitan areas. The rankings were based on estimated population growth, job growth, and gross metropolitan product growth.
After recording a 1.95 percent population growth rate in 2015, Phoenix is expected to grow 2.47 percent in 2016 alone. The gross metropolitan… Read More
In 2015, the Phoenix office market recorded the largest absorption gains since the Great Recession. Total vacancy in Phoenix decreased to 20.9 percent at the close of 2015 and year-to-date total net absorption reached 2,965,982 square feet,… Read More