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E-Zine for the Week Ending May 25, 2017
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Our second quarterly KLCG – AMA Apartment Owner’s meeting was well-attended with great information provided by Christine Mackay, the Director of Economic Development for the City of Phoenix. Thanks to all that attended.
Arvle Knight, CCIM also provided insight as to how the metro Phoenix apartment market compares to other metropolitan cities in the US. His presentation is attached.
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A deal is brewing and could close soon on the much-watched CrackerJax land in Scottsdale.
The land is currently home to the CrackerJax Family Fun and Sports Park on Scottsdale Road south of Bell Road. CrackerJax is a family and kids staple in Scottsdale with go-karts, putt-putt golf, batting cages, laser tag and bumper boats. But it sits on some prime land near Scottsdale Quarter, the Scottsdale Airpark and Kierland Commons.
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The retail real estate industry is undergoing a permanent change, driven by a shift in consumer preferences and the excessive amount of retail space per person in the U.S., according to the attendees of ICSC’s RECon 2017 show in Las Vegas.
While the floors of the Las Vegas Convention Center were filled with activity on Monday, the prevailing mood at the show was one of caution on multiple fronts, including leasing, investment sales and development.
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Phoenix is tops in the U.S. for population growth, according to new data from the U.S. Census Bureau.
Phoenix added 32,113 persons to its population between July 2015 and July 2016. That’s more than any other city in the U.S. Los Angeles added 27,173, San Antonio 24,473 and New York 21,171 persons during the same time frame, according to the Census data. The population data is for cities and not metro areas.
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Prospects for the CRE market moving ahead at a more robust pace are higher than what was expected six months ago, according to the latest NAIOP Sentiment Index conducted earlier this spring. While the results, which reversed a consistent two-year downward trend in market sentiment, were recorded before the recent stock slump this month, at the time survey respondents believed that overall market conditions 12 months from now (in March 2018) would continue to be favorable for the commercial real estate industry, and they expected conditions would be better than they are today, according to NAIOP.
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12,759 Units Under Construction
In addition to the 12,759 units currently under construction, there are 19,254 planned and 9,137 units noted as Prospective. That's a total of 41,150 units.
Email Jim for detailed list of new construction or use the map link above.
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Map of Apartments Available
We keep track of all apartments advertised. The interactive map shows the location and quantity of units advertised in Phoenix Metro area.
CLICK HERE for a detailed list of Apartments Available or use the map link above.
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Kasten Long Commercial Group
Jim Kasten, CCIM - Designated Broker
602 445 4113 Office 602 677 0655 Cell
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