Phoenix is still early in itsgrowth cycle, and most commercial real estate players had believedthe market had a long runway because it was late to recover fromthe last recession. However, Thomas Brophy ofColliers International, says that the jobdiversity gained in recent years will keep the market on track.

"Since this is a global and national concern we do not seePhoenix having a different response than other markets rightnow.  The economic drivers that have kept Phoenix at thetop of job and population growth are still in place," says Brophy,director of research and analytics at Colliers International, tellsGlobeSt.com. "Also, Phoenix's climate has always been one of thebest for people with respiratory issues. Our dry heat that peoplelike to complain about in the summer may prove to be verybeneficial in shortening the Corona Virus curve for Phoenix."

In the start of the year, job growth was strong in Phoenix, andit is too early to tell the impact March will have. The medicalindustry is one of the leading sectors for job growth. "Not onlydid the Phoenix MSA lead the country in job growth going into thecrisis, rising 3%+ in January/February, but has continued todiversify," says Brophy. "One area of major growth, andparticularly pertinent to our current situation, has been theexplosion of the biotech/medical industry."