The City of Phoenix has been selected by The RealReal, Inc. – the world’s largest online marketplace for authenticated, consigned luxury goods – as the site for its new e-commerce center. The company signed a lease to expand its physical footprint with nearly 600,000 square feet of warehouse space in Greater Phoenix.
“This expansion by The RealReal into Arizona is the latest in a string of big economic development wins for our state,” said Governor Doug Ducey. “We thank the company for creating hundreds of new job opportunities to support this e-commerce operations and technology center.”
The Phoenix facility, which The RealReal anticipates being fully operational by fall 2021, will help support The RealReal’s growing operations, including its retail expansion, which encompasses a rollout of smaller format retail locations over the coming months.
The RealReal’s Phoenix facility will create more than 1,500 local, full-time jobs over the next five years offering competitive pay, rewards and benefits.
“The City of Phoenix welcomes The RealReal. We know that a diverse job sector, driven by opportunities in the knowledge economy, will bring us into the future. The RealReal adds just that and more to our growing city,” said Phoenix Mayor Kate Gallego. “We are excited for The RealReal to move into their new home and look forward to their success.”
The RealReal has an existing presence in the region through its partnership with the University of Arizona. In collaboration with the school, The RealReal created a degree program for gemology and will look to hire a selection of gemologists from the program. Additionally, in 2018, The RealReal funded an endowed chair in the Department of Geosciences to help the university develop new research and proprietary technology for gemological studies.
“Our focus is to bring back jobs and no group of the employment base has been more impacted by COVID-19 than the sector The RealReal will employ at scale,” said Chris Camacho, president & CEO of the Greater Phoenix Economic Council. “We’re thrilled the company has decided to expand and invest in Greater Phoenix at a critical time. The RealReal will benefit from our large, talented labor pool and ideal infrastructure.”
“Arizona continues to prove that our top talent, pro-business climate, and strategic location with access to major world markets are a winning combination for rapidly growing tech companies like The RealReal,” said Sandra Watson, President & CEO of the Arizona Commerce Authority. “We congratulate the company on its success and thank them for their commitment to Arizona.”
Shannon Aja and Rob Stephens with Newmark are representing The RealReal with its real estate transaction and continued expansion.
The Greater Phoenix Economic Council (GPEC), recently named the top economic development organization is the U.S. by the International Economic Develop Council, works to attract and grow quality businesses, and advocate for the competitiveness of Greater Phoenix. A data-driven regional EDO, GPEC works with 22 member communities, Maricopa County and more than 170 private investors to accomplish its mission and serve as a strategic partner to companies across the world as they expand or relocate to Greater Phoenix. Over the past 31 years GPEC has fueled the regional economy by helping more than 850 companies, creating 154,000 jobs and $20.4 billion in capital investment. Greater Phoenix is in a relentless pursuit of innovative and entrepreneurial-focused companies looking to thrive and scale in a vibrant, dynamic region. There is an undeniable spirit about Greater Phoenix; one rooted in strength, collaboration and resilience. Greater Phoenix is Greater Together.
The Arizona Commerce Authority (ACA) is the state’s leading economic development organization with a streamlined mission to grow and strengthen Arizona’s economy. The ACA uses a three-pronged approach to advance the overall economy: attract, expand, create – attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries.
America’s fifth-largest city and most populous state capital, Phoenix has led the nation in population growth for four consecutive years. Located on one of only three cross-country interstate highways, Phoenix is a global center for eCommerce and logistics. Its proximity to transportation nodes and stable business environment make it a focus for companies in the sector. Much of the city’s workforce hold positions in the advanced industry sectors: technology, business and financial services, manufacturing and bioscience healthcare. More silicon chips are manufactured in Phoenix than in Silicon Valley. The bioscience sector is a global center in the quest to cure cancer by the end of the decade. With the third-largest and fastest-growing financial services workforce in the U.S., the greater Phoenix area is now America’s 10th-most populous metropolitan area, and sometimes referred to as “Wall Street West.”
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion.
