Commercial real estate investors, take a good look at the needs of the medical and bioscience areas for buildings and space rentals.
ZipRecruiter is saying that Phoenix leads the nation for healthcare jobs which means more companies will be moving their operations to the Phoenix metro area.
Even Tucson is seeing a new 11 story tower being built for Banner Health. Be on the lookout for older office spaces that need some updating and are close to public transportation.
Multifamily vacancy rates are the lowest in Phoenix since the late 1990’s. It seems that the millennial generation would rather rent than own a home. Most likely they are a little gun shy after seeing their parents lose out when the real estate market crashed back in 2007.
This would be a good time to send out a couple of postcard campaigns and see if any multi-family property owners are ready to sell.
As far as the metro Phoenix area is concerned, Tempe is leading the way with 20 million square feet of new developing happening in the next 5 years or so. State Farm is building a massive 2 million square foot mixed use project in Tempe valued at over 600 million dollars.
2016 is looking like a good year to check out commercial real estate investing. While we are not on fire, we are progressing ahead at a slow and steady pace.
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