Walter Crutchfield, Vintage Partners

Commercial Real Estate Rises in Phoenix

from Walter Crutchfield

Walter CrutchfieldMoving up in the CRE spotlight these days is industrial and multifamily. And Phoenix is leading the pack in those segments, while other segments are adapting to considerable shifts in market needs.

Many of the negative shifts felt in other parts of the country have not impacted the Phoenix market as deeply. Couple that with strong in-migration, growth in manufacturing jobs, strong home sales and a pro business environment, and Phoenix is emerging as a leader in CRE post-pandemic recovery. Phoenix has always had pioneers in CRE. From Del Webb to Bob Gosnell to John Graham, our leaders have accurately interpreted the trends and developed new products to meet emerging needs. Visionary leaders and great market dynamics will produce a robust recovery that will lead other large urban cities. 

Development activity is evident on any drive around Phoenix neighborhoods. For this month’s cover story, In Business Magazine spoke with developers and investors behind some of the activity to discuss the types of projects that are energizing our CRE market and what parts of the Valley are attracting the most interest. To round out the picture, real estate brokers offer insights into aspects of greatest concern to the lessees whose businesses occupy the commercial spaces.

Technology is impacting some of the trends in CRE demand as well as the operations of individual businesses. In feature article “Tech Trends,” Susan Anable, vice president of Government and Public Affairs for Cox Communications, explores technology trends that will continue to shape how we live, work and learn.

Other areas of business needing a mind shift are retirement programs and legal disputes. In the Economy feature, Jason Romero, a financial advisor with Desert Financial Credit Union and Desert Financial Wealth Management, provides perspective and suggestions on retirement programs. And Fennemore attorney Andrea Marconi discusses options in contract dispute resolution to help businesses make informed choices in their contract transactions in the Legal feature.

Addressing other important subjects, benefits expert Doug Ramsthel considers how changes in work and workplace arrangements may require businesses to give a fresh look at their employee benefit provisions, human resources professional Aleksandra Sulimko examines onboarding strategies for businesses in an increasingly remote-first workplace situation, and thought leader Tova Sherman discusses the importance of including persons with disabilities — and how to do it.

From new enterprises to healthcare, technology and where to have that important business lunch, In Business Magazine provides a range of relevant information to help strengthen our business community. It’s my pleasure to help present this May edition of In Business Magazine.

Sincerely,

Walter Crutchfield
Partner
Vintage Partners

Walter Crutchfield is a partner at Vintage Partners, a Phoenix, Ariz.-based commercial real estate development and investment company, as well as a fourth generation Arizonan whose family has been developing land locally since 1961. Signature projects include the redevelopment of Uptown Plaza, which was a finalist for the RED Awards “Retail Development of the Year,” and Rise Uptown, an adaptive reuse mid-century modern boutique hotel in Uptown Phoenix. 

Photo Courtsey of MMPR

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