MARKET REPORT

By MICHAEL GOSSIE

The Arizona commercial real estate industry has benefited from — and helped drive — the state’s robust economy.

“We are so fortunate to live in Arizona, where people want to come to live, to be educated, to work, to grow their businesses, and to enjoy life,” says Sharon Harper, president and CEO of Plaza Companies. “We have a very diverse economy, which distinguishes us from how it was in other recessions, but we also have to be very careful. There are ups and downs in the market.”

While commercial real estate in Arizona has been booming, how long can it continue? What are the ups and downs for which we need to look? Can the industrial sector keep sizzling or — with millions of square feet of industrial space in the pipeline — are we are running the risk of oversupply? With Intel expanding and Taiwan Semiconductor Manufacturing Company (TSMC) investing billions, will Arizona become a semiconductor king? With housing costs skyrocketing and the state limiting new development because of water concerns, will economic developers still be able to attract new companies to the Grand Canyon state?

“The AZRE Forum, our annual midyear commercial real estate update and forecast, will answer those questions,” says Amy Lindsey, publisher of AZ Big Media, which produces AZRE magazine.

“We are excited to have Sandra Watson from the Arizona Commerce Authority deliver the keynote, which should be a springboard to a very entertaining and educational discussion.”

AZRE magazine will host the annual AZRE Forum on Aug. 3, 2023, bringing together Arizona’s most brilliant and informed commercial real estate minds for panel discussions covering all things commercial real estate. To get tickets or to learn more, go to azbigmedia.com and click on Awards & Events.

SOME OF THE AZRE FORUM MODERATORS AND PANELISTS INCLUDE:

• ADAM BAUGH, partner, Withey Morris Baugh

• DEREK FLOTTUM, vice president, Opus Development Company

• CHARLEY FREERICKS, senior vice president, Catellus Development Corporation

• BEN GOTTLIEB, founding attorney, Gottlieb Law

• ZACH HAPTONSTALL, co-founder and CEO, Rise 48 Equity

• JASON HERSKER, partner with Capital Development Group and executive vice president with Capital Asset Management

• RUSTY KENNEDY, managing director, Stream Realty Partners

• LAUREL LEWIS, managing director, NAI Horizon

• JOE STROBBE, vice president, Brinkmann Constructors

• RACHELLE STROLE, owner and founder, Capital Asset Management

• CRYSTAL SUNBURY, real estate senior analyst, RSM US LLP

Learn more about the AZRE Forum’s featured panelists on the pages that follow.

Learn more about the AZRE Forum’s featured panelists on the pages that follow.