First, we’ll get the acronym out of the way — NAIOP.
That mass of letters denotes in shorthand the National Association for Industrial and Office Parks. That group is a national commercial real estate organization with chapters in many states, including Arizona.
A media overview from earlier this month of NAIOP’s Arizona chapter highlighted material bullet points that featured at a roundtable discussion held recently concerning “local issues and trends entering the commercial market.”
The views expressed by various panel members representing myriad and diverse business interests are notable and thought-provoking, and we pass along some central roundtable takeaways to our readers in Maricopa County and across the rest of the state.
Here’s one: Although Arizona’s commercial sector was hit relatively hard during the so-called Great Recession spanning a handful-plus of years, there now exudes collective optimism among industry experts that the sector is revitalized and growing.
There is “more activity and less fear in the market,” says one forum participant.
And that development is accompanied by “continued growth from new companies entering our market, as well as expansion of existing firms,” notes another NAIOP member.
That is not to say, of course, that the commercial business market is now on rocket fuel and immune from jolts and setbacks. One participant’s comment stresses that office vacancy rates across the Phoenix metro area still remain high because of “a lot of product that should never have been built.” Another notes some “functionally irrelevant” office buildings and space that exist owing to bad decisions regarding business location, customer parking, inefficient floor models and related factors.
Notwithstanding some glitches and hiccups that are evident in the Arizona commercial business sector, though, commentators generally express optimism regarding the current state of development and recovery.
The factors relating to sound business decisions and growth are many and complex, and require close scrutiny across a wide universe of considerations. A proven commercial law firm with long-tenured experience helping clients grow and prosper across Maricopa County, the East Valley and the Phoenix metropolitan area can be a strong ally to any business seeking to grow product and expand its reach.
Call Cook & Price, PLC today at 480-407-4440 or email us through this website.