Industry Experts Preview the 2015 Market
By Peter Madrid
Cushman & Wakefield of Arizona, Inc.
A packed house. An entertaining mayor. New – and familiar – faces. A rosy economic outlook.
All came together as Valley Partnership kicked off 2015 in grand style at the January breakfast at the Phoenix Country Club.
A sold-out crowd listened intently as panelists spoke of bullish economic indicators for the coming year. Nate Nathan, President and Designated Broker, Nathan & Associates, served as moderator.
Panelists included John Graham, President and CEO, Sunbelt Holdings; Casey Treadwell, Principal, Vintage Partners; and newly named President of GPEC, Chris Camacho.
Mayor Christian Price, City of Maricopa, opened with a humorous presentation comparing events such as the Phoenix Open and Super Bowl to events that make his city special to its 50,000 residents. “Scottsdale has the Waste Management Open? We have Frisbee golf. Glendale has the Super Bowl? We have the Salsa Bowl,” the mayor joked.
“Opportunities for economic development are limitless in Maricopa,” he proudly said. “And when it comes to quality of life, we are the fifth safest city in Arizona. We are a blank slate.”
Mayor Price highlighted the Copper Sky Multigenerational Center, the Ak-Chin entertainment center, Central Arizona College’s campus, and a proposed University of Arizona School of Engineering component.
Prefacing the panelists, Nathan tossed out some lofty facts:
>> The Valley’s population will increase by 1 million in the next 10 years;
>> Cities such as Maricopa and Buckeye will experience huge growth spurts in the next 8 years.
On the office and industrial side, Graham said positive absorption is showing a “glimmer of job growth and recovery.” He also talked about how some properties, because of a new dynamic in office design, are showing signs of “functional obsolescence.”
Camacho, the newly appointed President of GPEC, was upbeat with his assessment. Financial and IT firms will be particularly interested in setting up regional or national headquarters in the Valley, he said. Healthcare and biomedical space will be hotly sought after as well.
“In the next three years there will be some incredible runs in those industries,” he said of healthcare and biomed. “It will be an organic market where about 85 percent will be local companies.”
He also mentioned the importance of “building a brand around our governor,” much as Texas has done with Rick Perry.
Treadwell wrapped up the breakfast talking about the infill trend in the Valley and how it will become more relevant, especially in retail. He mentioned how the opening of a Postino restaurant served as a tipping point to breathing life into downtown Gilbert.
Dates to remember:
>> Feb. 19: Happy Hour, The Yard, Tempe;
>> March 5: Spring training game, Sloan Park, Mesa, Cubs vs. A’s;
>> April 24: Valley Partnership golf tournament, Whirlwind Golf Club.