IREM / CCIM annual economic forecast proved enlightening to attendees

This past Friday (Jan. 20), senior staff from the Scottsdale Area Association of REALTORS® had the opportunity to attend the 10th annual IREM/CCIM Economic Forecast event at the Arizona Biltmore. On a day when the Valley was inundated with remarkable, pristine automobiles being showcased at various luxury car shows/auctions–including the one at the Biltmore–many in the real estate industry found EconForecast_5820a7aaa5d10more interest in the commentary from a stage inside being offered by participating guest panelist. “They did a stellar job of bringing together four panels that covered the world of industrial, office, retail and multi-family housing to review the recent past, and [to] predict the future of commercial real estate in the Phoenix-metro area,” says Laura Kovacs, assistant executive officer and director of education at SAAR. In the one-day conference, concerns were addressed, such as the rising construction and labor costs, potential immigration issues and increases in apartment rents. Generally, the message repeated by each panelists was that the ‘light of the future is bright green.’ According to these experts, warehouses and manufacturing facilities, office and retail spaces, senior housing and medical facilities are all on the rise. Additionally, the expansion continues into the Southwest, Northwest and Chandler areas. Strongly desirable growth regions continue to be the Scottsdale Airpark and Kierland areas, the Camelback Corridor, Tempe and downtown Phoenix.
edit-Lysa Fitzhugh