Phoenix office Q2 2019 report: Great expectations

Commentary by Thomas Brophy, Research Director Arizona at Colliers International, Phoenix | Real Estate Daily News

The struggle to quell the natural cynicism which broods over any market analyst is a tale as old as (economic) time. The numbers point up, the wedding bells ring, but the bears in the research department harken the end of the world. In fact, if doom and gloom were a commodity it’s pricing would be parabolic and yet, the gloomier the outlook the more markets seem to defy it.

My more natural state of mind, and outlook, is a primordial mix of sarcastic cynicism, the penultimate result of having spent the better part of 20 years in and around CRE. Nonetheless, and not to obviate the ever-growing list of worries, from increasing deficits to trade tensions to slowing global growth to name a mere few, the current-to-near-term outlook is perhaps the best I’ve seen in a decade.

Our first two quarters for 2019 have once again exceeded expectations and Phoenix’s influx of population, businesses and employees outpaces the entire country. Yes, the ceiling will eventually be met, however our current pace of expansion is comfortable and not overwhelming. Our title’s inspiration hopes to offer a grain of salt to the passively optimistic tone, not only of myself, but of our second quarter.

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