Here’s a fascinating juxtaposition regarding commercial real estate purchases and development in Arizona in the future and state demographics, respectively.
On the one hand, and as noted by a researcher and business management expert at the University of Arizona, comparatively fast population growth in the state in past decades will equate to Arizona having “millions more jobs and residents in 2045 than it does today.”
On the other hand, though, and as discussed in a recent media piece looking at prospects for developers and land buyers in Arizona’s commercial sphere in future years, a distinct and singular challenge is on the horizon. Although that obstacle will likely make it somewhat difficult for many entrepreneurs to secure the space they need, those who do — “especially if they act sooner than later” — could be amply rewarded for their efforts.
Here’s the hurdle, clear and simple: scarce available land, especially in and around the Phoenix metro area. The above-cited article notes that, owing to huge acreage across the state that is owned by local/federal government entities and Indian tribes, just 17 percent of all the land in Arizona is private.
And that can make it difficult for potential buyers and developers to act with dispatch in getting the properties they need to support a burgeoning population.
The media report refers to a “flip side” linked with such a reality, though, and that is this: Business principals who are timely and aggressive about securing land for commercial projects will see “a bigger price appreciation” down the road for their holdings.
The trending picture regarding land purchase and development is unquestionably dynamic, especially given the estimate that Phoenix is projected to add about one million residents every decade for the foreseeable future.
That will equate to more business demands of all sorts, and profitable outcomes for smart and forward-thinking business actors.
Questions regarding real estate matters can be directed to a proven Maricopa County business law firm that routinely represents and promotes the best interests of clients in matters spanning a wide universe of commercial concerns and transactions.
Call Cook & Price, PLC today at 480-407-4440 or email us through this website.