Almost 30 years ago, Metro Phoenix started actively recruiting back-office and regional headquarters. It turned out that we were quite good at landing these companies, and a whole industry (and a bunch of buildings) emerged. In its heyday, we tracked over 23 million sf of back office. Rick Lee (1954-2022), one of our partners, was […]
Back Office in Metro Phoenix is Done Read More »
Inflation isn’t front-page news every day like it was in 2022, but it’s still quietly shaping how deals get done in commercial real estate. A recent piece from JPMorgan Chase highlighted some real impacts we’re seeing right now. Here are my top three takeaways: — Operating Costs Are a Drag: Even with rent escalations in Class
Inflation is Here – and CRE is Feeling It Read More »
I had a great 10 minutes with Jack Selby, Managing Partner of AZ-VC and managing director of Thiel Captial. We covered a LOT of ground in 10 minutes…Jack went into detail on how AZ was lacking Series A funding for companies and how AZ-VC is filling the void. Here are some additional takeaways: — AZ-VC is Arizona’s largest venture capital fund.
Ten on One – Venture Capital Funding in Arizona with Jack Selby Read More »
Below, you’ll find a link to a well-known memo from Trammel Crow that dives into the lessons learned from the real estate market crash in the 1980s. Since our current market is facing another major disruption, I thought it would be appropriate to look back at what mistakes this famous developer made, and what lessons
Lessons Learned from the Market Crash of the 80’s Read More »
Every year, The Counselors of Real Estate “CRE” release the Top Ten Issues we face in the world of real estate. The 2024 report has been released and we have some thoughts on it. We face these issues every day and I am sure you have experienced some of them as well whether you work
Top 10 Issues Affecting Real Estate 2023-2024 Read More »
No matter what sector of real estate you focus on, E-Commerce affects us all. Its disruption of the commercial real estate world has accelerated exponentially due to COVID-19’s effects on our shopping behavior. This disruption is forcing property owners, especially industrial and retail, to re-think how they “maximize” the sites they own. It’s also spilling
Development Strategies for Maximizing E-Commerce Demand Read More »
The Metro office market continues to trudge along its own path of an extended (up and down, circular) recovery. Direct vacancy actually decreased slightly to 17.5%, 500 basis points lower than our 20-year average. Meanwhile, average asking rates actually increased by $0.46/SF per year between Q3 and Q4. However, net absorption, the most critical indicator of market
1-Minute Phoenix Metro Office Market Update: Q4 2022 Read More »
It’s no shock that a recent McKinsey study showed that workers want more flexibility in their work. (See below for more) What was shocking is that today 58% of people surveyed are now being offered some flexibility in their work—that is 92 million Americans. This is a structural change in how we work, hire, build
Accept the Workplace Change–Flexible Work Read More »
A few years ago, I sent out a C2 Voice on the Arizona water situation. I thought I would give an update on the status of water rights as we are now experiencing the first cut in Colorado River water in our history. Here are a few points to know: —Only 36% of Arizona water comes from
Arizona Water Update Read More »
The Metro Phoenix Office Market hit a small speedbump in Q3 on the path to recovery. After posting a big net absoption in Q2 of +918,413 SF, Q3 slipped to -81,621 SF. This puts year-to-date net absorption at +532,634 SF, on track to finish well below our 20-year average of 2 million SF. What’s going with
1-Minute Phoenix Metro Office Market Update: Q3 2022 Read More »