Phoenix a Top Global City, But Climate Change a Wild Card

By Corina Vanek | Phoenix Business Journal

Phoenix ranked No. 19 for commercial real estate investment in cities worldwide for the 12-month period that ended in June 2019, according to the Winning in Growth Cities report released by Cushman & Wakefield.

Real estate investors spent $13.46 billion on real estate investments excluding development sites in Phoenix during that time period, a 7% increase over the year-earlier 12-month period, according to the report.

Phoenix ranked directly below Berlin and above Shanghai and Madrid for real estate investment. New York City, Los Angeles and San Francisco topped the list, with San Francisco rising several places from the previous 12-month period.

Phoenix and other second-tier cities, including Atlanta, Dallas and Denver, have become a draw for investors and businesses relocating because of lower costs of living compared with more popular cities and a high quality of life, a selling point often repeated by Arizona economic development officials.

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