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Arizona: A Premier Destination for Commercial Real Estate

Introduction

Arizona stands out as a thriving hub for commercial real estate (CRE) development due to its robust economy, diverse industry clusters, and strategic geographical positioning. As one of the fastest-growing states in the U.S., Arizona offers a wide array of opportunities across various CRE sectors, including industrial, office, and retail spaces. The state's pro-business environment, coupled with its burgeoning population, makes it an attractive destination for investors and developers alike.

Economic and Industry Overview

Arizona's economy is characterized by a diverse mix of industries, including:

Technology and Innovation: Driven by companies like Intel and Honeywell, the tech sector fuels demand for office space and innovation districts.
Aerospace and Defense: With major players like Raytheon and Boeing, Arizona is a national leader in aerospace, boosting industrial real estate needs.
Healthcare and Biosciences: The presence of the Mayo Clinic and Banner Health supports growth in medical office spaces.
Logistics and Distribution: Proximity to the Mexican border and a central location within the U.S. make Arizona a key logistics hub.

The Arizona Commerce Authority provides detailed insights into the state's economic initiatives, supporting industry growth and CRE demand.

Strategic Location and Transportation Infrastructure

Arizona boasts a comprehensive transportation network:

Highways: Interstate 10 and Interstate 40 connect Arizona to major markets across the U.S.
Airports: The Phoenix Sky Harbor International Airport serves as a major air freight and passenger hub.
Rail Lines: Burlington Northern Santa Fe and Union Pacific railroads facilitate efficient cargo movement.

These logistical advantages enhance Arizona's appeal for distribution centers and industrial developments. For more information, visit the Arizona Department of Transportation.

Commercial Real Estate Inventory & Zoning

Arizona's CRE landscape is diverse, including:

Central Business Districts (CBDs): Phoenix's CBD is a hotbed for office towers and mixed-use developments.
Industrial Corridors: Areas like the West Valley cater to warehousing and manufacturing sectors.
Innovation Districts: Tempe and Scottsdale lead with tech and startup-friendly environments.

Recent zoning changes and incentives, such as Opportunity Zones, provide favorable conditions for developers. Access the City of Phoenix Zoning Map for detailed zoning information.

Major Employers and Institutions

Key employers and institutions driving CRE demand include:

Intel Corporation: Major tech employer with facilities in Chandler.
Arizona State University: A leading research institution with campuses across the state.
Raytheon Technologies: Operates significant defense manufacturing operations in Tucson.

Explore the Greater Phoenix Economic Council for comprehensive business listings.

Notable Commercial Developments & Projects

Arizona is home to several large-scale developments:

The Grand at Papago Park Center: A mixed-use project in Tempe.
Phoenix Biomedical Campus: A public-private partnership fostering healthcare and research facilities.

These projects, along with Opportunity Zones, enhance Arizona's CRE landscape. Visit the City of Scottsdale Planning Department for more details.

Building Permits, Planning, and Development Tools

Useful resources for developers include:

Market Data & Economic Reports

Arizona's CRE market data can be accessed via:

U.S. Census Bureau
City of Phoenix Open Data Portal
Economic impact reports from the Arizona Department of Economic Security.

Brevitas leverages AI-powered aggregation with these data sets to provide comprehensive market insights. Explore our Brevitas Arizona Dashboard for more.