Arizona has long been one of the more upwardly mobile property markets across the country. Given the shaky nature of the economy in recent years, that has come into flux with residential and commercial real estate. While the economy has been improving, there are still ominous signs that homebuilding in large areas of the state, like the Phoenix area, are going to recover slowly. Although research has indicated that the market is improving, until there is a full-fledged recovery, the retail market may remain slow and profit can be difficult to guarantee.
The commercial real estate market forecast shows a continual upward hike with promising potential throughout the next year. With the positive economic outlook, the need for well put-together leases also increases.
Last week we touched on the complexities of a real estate sale, particularly those of a residential nature. While this is certainly important, it is just as crucial to realize that commercial property transactions can be just as complex, and many times more so. There are often many additional factors to consider when selling or buying retail space or office buildings, and the money at stake can be significantly more.