Arizona’s state bird is often considered a crane. Not to be confused with the grey crane or blue crane, but we are talking about the building cranes that are just off the side of the road, creating another office building or an on ramp for the newest interstate or loop that goes around the valley. This crane, doesn’t build a nest for itself, but rather for the flocks of people coming to the Phoenix metro area for the increasing number of jobs.
Having been known as one of the fastest growing economies in the US, Arizona is starting to show a stabilizing housing market. With a demand from millennials for more single family housing from the older end and apartments for the younger millennials moving out of their parent’s homes. Thankfully the demand is being met and Arizona can expect to see an increase in building permits for single family housing within the next two years.
Commercial real estate may not be moving as fast as residential real estate is, it can still be expected to see an increase in some parts of the valley. Many companies continue to move and expand to Arizona, and with these companies the demand for commercial real estate will be there.