The experts say Phoenix-area commercial real estate is officially in recovery mode, but still short of expansion. A full 100 percent of the real estate brokers participating in a quarterly survey from the W. P. Carey School of Business at Arizona State University agree the Valley’s commercial sector has followed the local housing market into recovery, but the recovery is slow, uneven and likely to remain that way through much of this year.
The participants recently came together for a forum and the survey about progress on apartments, retail, industrial, offices and more. Ninety percent say they don’t think Phoenix-area land prices have reached their peak yet. Meantime, certain areas, such as Scottsdale, central Phoenix and the southeast Valley, are doing much better than others in the commercial market, with progress overall.
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