AZRE Magazine May/June 2013
Of brighter days, adaptive re-use, and money to build
When I took over as editor of AZRE magazine three years ago, the commercial real estate industry was in the throes of the recession. There wasn’t much work out there … companies were cutting back on staff … some were even shuttering their doors. Of course, it made for compelling writing as those in the industry were really “thinking outside the box” just to survive.
With positive signs that the industry is making a comeback, it’s nice to be writing about new projects, companies hiring new employees and brokerage firms filling up vacant space. I’m also excited about a relatively new wave that is hitting the Valley — adaptive re-use. In Central Phoenix alone, there are no fewer than three such projects:
- The Newton, at 3rd Ave. and Camelback: a revitalization of the old Beef Eaters Restaurant, opening this winter;
- Old School O7, at 7th St. and Osborn: a mixed-use renovation of the former Osborn School House, also opening this winter;
- The Yard, at 7th St. and Camelback: the Sam Fox/WDP Partners/RSP urban infill project.
You can read about these projects and others at azbigmedia.com.
With a new surge in commercial real estate projects, it appears that financial institutions are opening their vaults to developers once again. That is one of the articles in this issue. Also seeing the ripple effect are the commercial title companies. That story is in this issue as well.
Also in this issue: AZRE’s annual supplement with Valley Partnership; and a visit with industry groups CCIM Central Arizona and USGBC Arizona.
Let the good times roll … and no, I’m not talking about my AZRE anniversary or my birthday in June.
Peter Madrid, Editor
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