AZRE Magazine July/August 2012
Looking down on an industry that is finally starting to look up
I flew out of Sky Harbor International Airport recently and my bird’s eye view of construction cranes reaching to the sky around the Valley offered further proof that the industry is making a comeback.
Work is moving along on a new student housing project for ASU students attending school in Downtown Phoenix. Although the Kimpton Palomar Hotel opened in June at CityScape, a remaining crane stands guard, ready to spring back into action. (My guess is that upscale residences could be next).
And as the airplane made a turn to head south, workmen on the ground in Chandler resembled industrious ants at the new Phoenix Premium Outlets next to Wild Horse Pass Hotel & Casino.
These projects are not only crucial to the major general contractors in the state. They are also the lifeblood of the many Arizona subcontractors, some of which are featured in our annual Arizona Builders’ Alliance supplement.
The July/August issue of AZRE also profiles Arizona Commercial Real Estate Women, better known as AZCREW. Formed in 1985, AZCREW “promotes the advancement of professionals in commercial real estate by providing high-level networking opportunities, connections and access to decision-makers within the Phoenix market.” The local chapter also does a wonderful job giving back to the community.
Finally, our annual statewide real estate update focuses on Tucson.
As my return flight began its descent, I challenged the passenger sitting in the window seat across the aisle to a spirited game of “Name That Property Type.” Four points for medical office; 3 for multi-family, 2 for a retail center and 1 for industrial.
I skunked him, 21-0. After all, if the editor of a commercial real estate magazine can’t identify a medical office building or industrial warehouse from the air, who can?
Peter Madrid, Editor
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