Featuring Ron Barness, principal of Barness Papas Investments & Retail Brokers, Inc. (RBI)
Elliott Pollack said that the Valley is expected to create 80,000 jobs in 2006, and 60,000 in 2007. As many as 130,000 people will move to metropolitan Phoenix this year.
On housing, the article quotes RL Brown as saying “I thought we would have seen the housing market stabilize by now. Now home builders have a surplus and no lines at their sales offices. Reality set in for them a month ago.”
On commercial, it quotes Pete Bolton of CB Richard Ellis as saying “We need more industrial space. Until we get it, the Valley will lose more jobs as companies go where there’s space.”
More than 8 million square feet of warehouse space is under construction in metro Phoenix. About 3 million square feet of office space will go up in the Valley this year.
On the retail end, Ron Barness of Retail Brokers, Inc. stated that “it wasn’t long ago that high-end East Coast retailers weren’t interested in Phoenix. The opposite is true now.”
The Valley retail vacancy rate is 5 percent, lower than it’s ever been. Currently, 6.6 million square feet of retail space is under construction in the Valley.