By AZRE | AZ Big Media
The emergence of the COVID-19 virus in Arizona 18 months ago dramatically transformed almost every aspect of life and work. Retail and restaurants closed their doors, some permanently, and offices emptied as staffers pivoted to at-home employment. One thing the pandemic couldn’t stop, however, was Arizona’s commercial growth.
Brokers, developers and builders reported record numbers in 2020, and 2021 has shown no signs of slowing down. Leading the way is the industrial market. According to a report by Cushman & Wakefield, in the second quarter of 2021, approximately 23.5 million square feet of industrial construction was underway across Metro Phoenix. Leasing activity and construction also remain strong. What does this all mean for the future? And what is the commercial real estate outlook for 2022?
AZRE Magazine sat down with members of NAIOP Arizona and asked for their views on how the pandemic affected the Phoenix market, how the industrial and office sectors are faring, and what their predictions are for the Valley’s recovery and continued growth.