By Suzanne Kinney | AZ Big Media
Commercial real estate development is a high-risk venture, led by entrepreneurs driving economic growth in our communities. Office buildings, shopping centers, apartments, hotels, manufacturing facilities and fulfillment/distribution centers are examples of real estate developments that require significant, high-risk investment. These projects provide jobs, create affordable housing and meet other needs for Arizonans.
While the COVID-19 pandemic challenged nearly every commercial real estate sector in 2020 and 2021, a new report by Newmark Research, titled “The Newmark Opportunity Index,” ranks Phoenix among the hottest cities for new opportunities in the multifamily housing and hospitality sectors. Over the next few years, buildings in Arizona will need to be repurposed and reimagined to adapt to the post-COVID era. As the Valley continues its pandemic recovery and attracts new residents from across the country, it’s important to promote policies that will mobilize and encourage real estate investment, not create unnecessary barriers.
On the heels of a successful state legislative session that lowered commercial property taxes and income taxes, NAIOP is turning its attention to federal policy proposals that would reduce investment in innovative businesses and real estate projects throughout the state.