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June 2024 | PHOENIX MSA MARKET UPDATES

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June Market Updates: Phoenix's Dynamic Growth

Phoenix: A Nationwide Hot Spot for Relocation, Hospitality, and Economic Growth

Soaring as a top relocation destination, the Phoenix MSA is expanding influence in Arizona’s hospitality and entertainment sectors. Recent developments in economic growth opportunities mark the area as a hub for entrepreneurial ventures and industry advancement. This blog post dives into key market updates from June, highlighting factors contributing to the MSA’s dynamic economic growth and its appeal as a destination for multifamily investments and growth. 

Phoenix: Climbing the ranks as a top relocation destination

Phoenix surged to seventh place nationwide as a leading relocation destination, a significant rise from last year’s 18th position according to the latest report by PODS Enterprises, LLC. This reflects the city’s growing allure, fueled by the warm climate of the Sun Belt and its diverse neighborhoods catering to various lifestyles. 

From urban living in Downtown Phoenix and Scottsdale to suburban comfort in Chandler and Mesa, Phoenix offers options to suit different preferences and budgets. Its appeal is further strengthened by a strong job market, affordable living standards, and proximity to natural attractions like the Grand Canyon, Sedona, and South Mountain Park (Phoenix Business Journal). 

Skyline view of Phoenix, Arizona

Elevating Phoenix’s hospitality and sports entertainment sectors

Prominent Phoenix restaurateur and hotelier, Sam Fox, was appointed the Global Ambassador for the Arizona Cardinals Football Club. This strategic partnership will see the introduction of the “Morgan Athletic Club hosted by The Global Ambassador” at State Farm Stadium, set to launch in the 2024 NFL season. 

The club will span 12,500 square feet and provide an exclusive, upscale experience for fans, featuring premium amenities in line with the luxurious brand of Fox’s recently opened hotel, The Global Ambassador. Located at the north end of the field level, this new addition aims to elevate the game-day experience with a blend of high-end hospitality and sports entertainment (Big News Network). 

phoenix msa continues development as culinary and cultural hub

Il Bracco, an acclaimed Italian restaurant chain from Dallas, Texas, is set to open its first Arizona location in Scottsdale next year (Phoenix Business Journal). This upscale 6,500-square-foot restaurant will feature their signature Northern Italian-inspired cuisine. The Scottsdale Development Review Board has approved the plans, marking a significant addition to the local dining landscape. 

The introduction of high-end dining options like Il Bracco is likely to enhance the appeal and value of nearby residential properties. Upscale establishments attract affluent residents, boosting the local economy and making the area more desirable for renters and buyers alike. As Scottsdale continues to evolve as a cultural and culinary hub, it only reflects the area’s growth and potential for increased demand for employment and housing. 

golf

INDOOR GOLF CLUB AND LOUNGE ARRIVAL IN CHANDLER

Chandler just welcomed an exciting addition to its vibrant community – Stinger’s Golf Club, an indoor golf club and lounge from the East Valley, has revolutionized leisure options within the area. This innovative establishment opened on June 10 and features state-of-the-art simulators that bring renowned golf courses from around the world to Chandler, offering enthusiasts an immersive experience regardless of weather conditions (Phoenix Business Journal). 

The club has six state-of-the-art golf simulator bays, a 28-by-18-foot practice putting green, and a high-top bar. But more than just a golfing destination, the lounge aims to create a welcoming atmosphere, making it a perfect spot for both golf aficionados and those looking for a unique entertainment experience.  

This development not only solidifies Chandler’s reputation as a forward-thinking city but also contributes to its economic landscape by drawing in both locals and tourists. As the Phoenix metropolitan area continues to grow and diversify, initiatives like the indoor golf club and lounge play a crucial role in the leisure and entertainment sector.  

Ranking Arizona in Top Places for 2024

behavioral rehabilitation facilities and women’s health centers in phoenix msa

In the competitive landscape of healthcare facilities in the Phoenix market, the top behavioral rehabilitation facilities for 2024 were announced in Ranking Arizona. This recognition by AZ Big Media highlights the region’s commitment to mental health and addiction recovery services, plus comprehensive healthcare services tailored to women’s needs. 

Phoenix’s emphasis on quality behavioral healthcare and women’s health centers improves community well-being but also enhances the attractiveness of the MSA for potential residents. Surrounding areas of these top facilities anticipate increased demand driven by healthcare professionals and families seeking proximity to quality healthcare services. 

Unlocking robust job growth: businesses invest and expand across the valley

CarboneCapture Expansion Plans: Hiring Hundreds at Mesa Manufacturing Facility

In a move set to bolster Mesa’s economic landscape, CarboneCapture announced plans to establish a cutting-edge facility within the city. This initiative is aimed at advancing carbon capture technology and supporting sustainability efforts in the region. “The Met 202 site is set to house 30 initial hires to be brought on sometime in 2024. Over the next five years, CarbonCapture will expand its workforce in the building to 400 people with an expected payroll of $30 million in 2029” (Phoenix Business Journal). 

downtown phoenix

CarboneCapture’s decision accentuates Phoenix as a hub for innovative environmental solutions. The facility will not only drive technological advancements but also foster collaboration with local universities and research institutions, positioning Mesa at the forefront of carbon capture research and development. This development aligns and promotes economic growth and environmental stewardship, showcasing Mesa as a pivotal player in sustainable technology innovation.  

expertec acquires work truck solutions: expands in gilbert

This month, the Valley witnessed significant developments, reflecting a dynamic growth trajectory in the business landscape. A notable highlight was Expertec’s acquisition of Work Truck Solutions, marking a strategic expansion into Gilbert (AZ Big Media). By integrating Work Truck Solutions, Expertec aims to leverage synergies and capitalize on the burgeoning demand for specialized vehicle solutions in Arizona. 

The acquisition is poised to stimulate economic activity in Gilbert, contributing to job creation and bolstering the local economy. It fosters innovation and growth, further solidifying entrepreneurial ventures and industry advancement. As businesses like Expertec continue to invest and expand in the region, the Phoenix MSA emerges as a pivotal player in the evolving landscape of technology and automotive sectors, promising continued momentum and opportunities for development. 

strengthens phoenix’s tech sector: resideo technologies acquisition

The Phoenix metropolitan area has seen notable advancements in the technology sector, highlighted by Resideo Technologies’ acquisition of Snap One. This merger integrates Resideo’s proficiency in home comfort and security solutions with Snap One’s leadership in connected home technology, “The merger is set to create a powerhouse in the smart home industry,” (Phoenix Business Journal), signaling a new era of innovation and growth in Phoenix’s tech landscape. 

This acquisition highlights broader economic implications for the region, emphasizing how such mergers bolster Phoenix’s reputation as a hub for technology and innovation. “This acquisition not only strengthens Phoenix’s tech sector but also underscores the city’s appeal as a prime destination for tech companies looking to expand,” the piece notes. 

increased investment activity: George oliver’s significant acquisition in scottsdale

In a strategic move that underscores their commitment to transforming office spaces, George Oliver, a Phoenix-based developer, has acquired a prime office building in Old Town Scottsdale for $26.05 million. Partnering with Ascentris, George Oliver plans to redesign the 162,227-square-foot building at 4141 N. Scottsdale Rd., leveraging its advantageous location amidst high-end amenities. Known for their innovative and hospitality-centric designs, George Oliver aims to create a modern workspace featuring extensive amenities such as fitness centers, luxury locker rooms, and advanced conference spaces. Renovations are set to begin in 2025, with designs already in progress. 

 

George Oliver’s acquisition aligns with the broader trend of increased investment activity in the Phoenix real estate market, driven by its robust economic growth and favorable business climate. The company plans to implement its signature approach of modernizing workspaces to enhance tenant experiences, catering to the evolving needs of businesses in the area. This move not only signifies confidence in Scottsdale’s market potential but also contributes to the ongoing transformation and revitalization of the city’s commercial landscape. As Phoenix continues to attract businesses and residents seeking a dynamic urban environment with a high quality of life, investments like George Oliver’s acquisition highlight Scottsdale’s status as a premier destination within the MSA. The transaction is expected to stimulate further interest and investment in the area, reinforcing its position as a thriving hub for commercial real estate developments (AZ Big Media).  

Phoenix is rapidly ascending as a prime relocation destination, driven by its diverse neighborhoods, strong job market, and affordable living standards. The region’s dynamic growth is evident in its flourishing hospitality and entertainment sectors, highlighted by high-profile developments like the Morgan Athletic Club and upscale dining establishments such as Il Bracco. Additionally, innovative ventures like Stinger’s Golf Club and significant industrial projects bolster the local economy, creating a vibrant environment for multifamily investments. Overall, Phoenix’s strategic advancements in technology, healthcare, and commercial real estate further solidify its status as a burgeoning hub for business and residential growth.

Since 2019, Rise48 Equity has completed over $2.2 Billion+ in total transactions, and currently has $1.7 Billion+ of Assets Under Management located in Phoenix, Dallas and Charlotte. All the company’s assets under management are managed by Rise48 Equity’s vertically integrated property management company, Rise48 Communities. 

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