By Rebecca Rhoades | AZRE
As we close the page on 2021, hopes that we would be doing the same on COVID-19 have stalled. The Omicron variant has been shuttering businesses, canceling flights and clouding the near-term outlook. But ever since the emergence of COVID-19 in early 2020, one thing that the virus couldn’t stop was Arizona’s commercial growth. Brokers, developers and builders are reporting record numbers in 2021, exceeding 2020’s exceptional performance, which was one of the best years on record for the region. Net absorption, rental rates and sales volume are at historic highs, and vacancies have shrunk to an all-time low.
Leading the way are the industrial and multifamily markets.
“Industrial leasing in capital markets and multifamily capital markets have carried every large brokerage firm’s production in 2021,” says Mike Garlick, executive managing director for Newmark Knight Frank.