By Real Estate Daily News
Phoenix, Arizona – Phoenix offers one of the most favorable development markets for commercial construction in the U.S. according to CBRE’s U.S. Development Opportunity Index. The Valley of the Sun secured the third overall spot on the inaugural list with sector rankings of 2nd for office and multifamily development opportunities, 3rd for industrial and 15th for retail.
The report, which analyzed the top 50 U.S. markets by population, scored markets based on four performance categories: construction costs, fundamental strength of existing supply, prior cycle performance and property forecast.
“It’s no surprise that Phoenix scored well for development opportunities across all property sectors,” said Allyson Calvert, senior project management director, with the firm’s Phoenix office. “Challenges of 2020 notwithstanding, we’ve seen impressive overall market growth the last few years, particularly in areas like manufacturing, finance and professional services, as well as healthcare. As these industries and others grow, development opportunities will follow suit.”