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During the pandemic, people traded city life on the West Coast for Phoenix—and investors have followed. While multifamily and build-to-rent housing has caught most of the attention, net lease investment is also on fire, and industrial is the favorite net lease asset class, according to Judi Butterworth, SVP at Orion Investment Real Estate, who is talking about the trend at the GlobeSt.com Net Lease conference on October 28.

“We have been benefitting from the mayhem on the West Coast,” Butterworth tells GlobeSt.com, adding that regulation and taxation are driving people from California, Oregon and Washington to Phoenix. “It is overwhelming. If you look at the net lease buyers, there are a lot of people coming here that are selling their properties in California and then bringing the money to Arizona because they have lost faith in California or because everything in California is too expensive.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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