How did it go last year? From a predictive standpoint, was 2015 an upshot year for commercial endeavors across Maricopa County and the East and West Valley, most specifically as regards commercial real estate transactions and development?
Or, conversely, did the business well dry up, with opportunities that were seemingly on the table shelved and spelling disappointing outcomes for entrepreneurs and investors?
In a recent article from the Phoenix Business Journal, a writer specializing in commercial real estate matters (and, to a degree, residential realty matters, as well) takes a look at his crystal ball forecast from early 2015 and appraises it in hindsight nearly a year later.
Columnist Mike Sunnucks’ bottom-line take on much that is relevant in the world of real estate across the Phoenix metropolitan area is this: The jury is still out.
One special focus of Sunnucks has been on West Valley development, especially in the Westgate area of Glendale. Sunnucks states that the Westgate locale “is inching slowly toward becoming the West Valley’s downtown,” although it is still quite early to make concrete predictions regarding a realized development scheme. The writer cites several building projects that are still at the “baby steps” stage.
Any discussion of commercial real estate development in Maricopa County must centrally include goings-on in the Tempe area, and Sunnucks prominently references “all the proposed developments” near Arizona State University. He cites the “optimism” surrounding many projects and the likelihood that the area will continue to experience a construction boom.
And project development is avidly pushed generally by the administration of Gov. Doug Ducey, Sunnucks says, with Ducey strongly endorsing policies and agendas that seek to attract powerful and high-wage industries.
The tailwinds behind many metro-area developments might reasonably be expected to continue blowing in 2016.
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