By Arizona Commercial Real Estate
Colliers International’s Second Half 2015 Land Research and Forecast report shows the pace of land sales accelerated through the end of last year, with double-digit gains recorded across proposed land uses.
From the first half of 2015 to the second half of the year, sales of land parcels rose by 12 percent for residential construction, 36 percent for commercial uses and 25 percent for industrial uses.
“We anticipate the rise in land transaction activity shown in the second half of 2015 should carry over into 2016, as the local residential and commercial markets continue to improve,” said Pete O’Neil, research director for Colliers in Greater Phoenix. “The primary driver of land sales will be the housing market, with single-family permitting likely to see an increase of more than 40 percent in 2016.”