AZRE Forum 2020: East Valley vs. West Valley
This is part one of a three-part video series that makes up the 2020 AZRE Forum, the annual mid-year market report that looks at the factors that are driving the Phoenix economy and commercial real estate industry.
The AZRE Forum is the annual mid-year market report and in-depth look at what factors are driving the Phoenix economy. The COVID-19 pandemic forced the Forum to go virtual this year, but it did nothing to dampen the lively discussions by three panels of commercial real estate professionals gathered for the event. The inaugural virtual AZRE Forum opens with a discussion among development experts, who examine the dynamics that drive development in the East Valley and West Valley.
The presenting sponsor of the AZRE Forum is Alliance Bank of Arizona. Event sponsors are Newmark Knight Frank and Skanska. The videographer is Jason Richter from Impact Videography.
Wednesday, August 5: East Valley vs. West Valley
Thursday, August 6: A look at the retail, multifamily and land sectors
Friday, August 7: A look at the office and industrial sectors
David Krumwiede, executive vice president of Lincoln Property Company, leads the discussion. He is joined by attorney Joyce K. Wright, partner at Snell & Willmer; George Forristall, principal at Mortenson; Jeff Foster, vice president and market officer for Prologis, Inc.; Charley Freericks, senior vice president for Catellus Development Corporation; and Larry Pobuda, executive vice president and general manager for The Opus Group.
The panel discusses several topics that touch on the driving forces that resulted in both markets developing into how they look today, with the West Valley home to a rapidly growing industrial marketplace and the East Valley leading the market in office development. The panelists break down what factors are holding each side of the Valley back from attracting certain types of development, and what part of the Valley has the most long-term potential.
The experts also examine what unique factors are helping the development community attract more and more companies that are fleeing crowded coastal markets, and what parts of the Valley are those companies looking at the most.
Each of the panelists also offer predictions for just how far the West Valley will stretch, as industrial developers, as well as home builders, snatch up land parcels well past Buckeye. They also give their views on what cities are the best bets to become the next hot development markets.