PHOENIX—Money was no issue if you are involved in local multifamily or healthcare for the past five years, but if you were in office, from an institutional capital standpoint, it was a flyover state. That is according to Mark Singerman, VP and regional director of Arizona at Rockefeller Group Development Corp.
During the recent RealShare Phoenix Metro conference, he explained that "it was simply a 'no' at the loan committee level and that is starting to change." He said that "they are now starting to realize that they have to drill into the submarkets."
If you take out the functionally obsolete buildings, Singerman explained, "you are down in the single digits. Industrial has always been a sweetheart but the Southwest pipeline is full so where do you go?" He added that "the opportunity is in the Southeast valley."
So what's in store for the next three to five years? According to panelist Andrew Cheney, principal of Lee & Associates, "the good news for the next recession is that it will not be as painful as the last one. It will just be a hiccup or bump."
Cheney added that "Phoenix will have increased its brand value and more companies will see it as a great place to be. We [Phoenix] will draft more off of California and become a more acceptable place."
To read more stories from the RealShare Pheonix Metro event, click through the below content and check out the Phoenix page on GlobeSt.com.
Phoenix MF Still Has Pent Up Demand
Can't Wait for Build-to-Suits in Phoenix
Phoenix Is its Own Worst Critic
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
