By AZ Big Media
Known as the Valley of the Sun, Phoenix is one of commercial real estate’s hottest markets. With a current population of over 4.6 million, a 1.48 percent increase from 2021, the Phoenix metro is packed with abundant job growth, consumer spending, and investment opportunities. Throughout the U.S., Phoenix had the largest absolute increase in population growth between 2010 and 2020 and reported the fastest growth rate among America’s biggest cities, according to the New York Times. Beyond impressive population stats, Phoenix also boasts a business-friendly environment with limited government interference and low taxes.
Lastly, the Valley offers sprawling submarkets at reasonable prices. Suburbs like Buckeye grew 80 percent in ten years and provide development opportunities not seen in dense coastal markets. In all, Phoenix has become a treasure for commercial real estate investors, but with great success comes great challenges. As the aftereffects of COVID-19 become clear and sectors begin to shift, investors will need to evaluate where in the Valley to plant capital, what type of products best suit their needs, and what economic and consumer trends Phoenix is experiencing. Here is a look at the 2023 Phoenix commercial real estate outlook and opportunities.
