Craig Trbovich Commercial Real Estate News –
As we close the book on 2012, I’d like to thank those of you that I have had the opportunity to interact with and support over the past year and I look forward to continuing our relationships in 2013. We at CPI continue to focus on sound and ethical business practices to ensure our clients are receiving maximum exposure and are provided with timely and accurate market information to make informed decisions. That is why we have averaged over 100 transactions a month over the past three years, leading all commercial brokerage firms in the Phoenix market.
How will we remember 2012? It may be too soon to know for sure, but there are some positive indicators for 2013 along with a few caution signs:
- Phoenix housing prices have lead the nation in recovery over the past year, a good sign for the local economy which has a strong relationship to housing and growth. The Phoenix housing market should continue to strengthen in 2013.
- There are many apartment projects on the drawing board as a result of the strong multi-family market. Expect some of those projects to be delayed or scrapped as housing ownership begins to rise again.
- Jobs have slowly improved nationally. That trend should continue in the near term, but I do believe we will see a period of strong job growth sometime in the next two years. Phoenix was 9th in the country in job growth in 2012 and unemployment is the lowest in 4 years so we are definitely trending in a long-term positive direction.
- Office vacancy has improved slowly over the past year and will only see significant improvement once we see stronger job growth.
- The industrial market in Phoenix has showed stronger demand than the office market and I believe when the results come in, the Phoenix industrial market will emerge a winner.
- And then there’s the Fiscal Cliff, which turned out to be a Fiscal “Curb”. Keep a watch out for more work to come on Social Security, Medicare and our National Debt.
I hope 2012 was a good year for you and that you see more opportunity and prosperity in 2013 and we continue our recovery out of the deepest recession in 80 years. You can be sure that I and my team at CPI will be there to support you with your real estate needs with timely and accurate information and insight into current market conditions. And for a no obligation analysis of your property, please call me at (408) 522-2799 and “TrboCharge” your investment real estate today.