Phoenix's Post 9-11 Surge Tops NationNot too much
of a surprise to those of us who live here:
Travel highlights noted during Moore's presentation included:
* The occupancy rate of area hotels was 81 percent, best among the nation's top 25 markets during the first three months of the calendar year.
* Occupancy among greater Phoenix hotels has shown the third-highest increase among the nation's top markets since 9/11.
* The three college football bowl games staged in the region this winter attracted 143,000 out-of-state visitors and generated an economic impact of $402 million.
Labels: Phoenix Hotel Market
Phoenix Industrial Market Red-HotYou know your
market is doing well, when this is the chief negative:
The problem the industrial market continues to struggle with is not much supply and increasing demand. Tony Lydon, senior vice president, Grubb & Ellis/BRE Commercial LLC, pointed out vacancies area-wide are hovering between 6% and 7% in the 250-million-sf inventory. Although seven to eight million sf will deliver this year, there are barriers to development: shrinking land base, ever-expanding entitlement process and rising construction costs.
Excellent discussion of Phoenix's emergence as an alternative to Southern California's Inland Empire.
Labels: Phoenix Industrial Market
Look to Suburbs for Multihousing OpportunitiesAccording
to this article:
The revitalization of downtown areas receives much press, but market researcher Leanne Lachman believes residential demand will continue to be strongest in the suburbs where the most job growth occurs. Lachman, president of Lachman Associates, an independent real estate consulting company, commented on this trend and others during "Demographics of Rental Demand," a well-attended session during the National Multi-Housing Council's (NMHC) Annual Meeting.
According to Lachman, four out of 10 new immigrants bypass cities and head straight for the suburbs. She predicts that the strongest multifamily demand in the next decade or so will come from young people, immigrants and minorities.
The fact that so many immigrants are moving directly to the suburbs is certainly newsworthy; historically they have tended to cluster in urban areas, transforming them into Little Italy, Chinatown, Little Havana, etc.
