By Steve Burks | AZBigMedia
The long, hot summer of 2020 just added to the misery index in Arizona. The state has managed to still move forward with many new developments, and the pace of building has remained steady. There are signs all around the Phoenix market that this COVID-19 induced economic downturn will be a short-lived one when compared with what occurred in Arizona just over 10 years ago.
Leading that recovery will likely be the industrial and office markets. As companies return to normal operations in the post-COVID era, there are indications that more space will be needed for office workers, not less, which could create opportunities for office developers. Industrial developers never really stopped launching new projects, even in the midst of a historic pandemic, and there are still companies actively looking to move and build new operations centers in Arizona.
AZRE Magazine posed questions to a roundtable of NAIOP Arizona members, looking for their thoughts on the market, how it will look coming out of the pandemic and where the real estate opportunities are for those ready to take the lead in our economic recovery.