Phoenix housing market up, but commercial sector still struggles

commercialBy Betty Reid | The Arizona Republic

As values on residential property in Phoenix continue to recover post-recession, experts say growth in the commercial sector will take more time.

The city is saturated with commercial space, experts say, but they have seen positive signs in certain areas.

Experts say the housing market is the first to go down in a bad economy and the first to bounce back. The commercial market follows.

Permits for new commercial buildings hit a high in fiscal 2007, when the city approved 429 permits. A year later, the recession hit and permits tumbled. In fiscal 2009 only 100 were issued.

Today, new commercial building construction permits are down across the board with 59 in fiscal 2012, according to the Phoenix Planning and Development Department. The numbers include permits for new industrial, retail and office space.

It does not include adaptive reuse projects, which change an existing space to work for something new.

Continued: 

Share this!

Additional Articles

Top master-planned communities for 2024

By AZ Big Media Here are the Top 10 master-planned communities in Arizona, based on public voting for the 2024 edition of Ranking Arizona, the state’s biggest and most comprehensive business opinion poll. Ranking Arizona

Read More »
News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.