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NAIOP: Metro Phoenix Has Bottomed Out

SCOTTSDALE, AZ-The news comes at the Trend Watch 2002 conference. Job growth will be strong in the next two years, but for now rents are down, vacancy is up and new construction is outpacing the demand.

By Beverly Ford | Updated on September 13, 2002

SCOTTSDALE, AZ-Rents are down, vacancy rates are up and new construction is outpacing the demand, yet the future of Phoenix’s industrial and commercial real estate market looks bright as job growth fills the void created by today’s stagnant economy. That’s the prediction from local real estate leaders at yesterday’s Trend Watch 2002 conference.

“I do believe we’ve bottomed out,” Michael Haenel, senior vice president of Grubb & Ellis Co.’s Phoenix industrial group told about 300 brokers and developers at the National Association of Industrial and Office Properties conference.

Haenel said growth in the electronic, transportation and machinery sectors should keep Phoenix’s economy robust over the next two years, much as it has in the past when the region ranked first or second in job growth every year since 1993.

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