The Center for Real Estate Theory and Practices show Commercial Real Estate is moving forward in a positive direction. Even with the uncertainty of national and global issues that may impact markets, for the next six months, the trend was still upward in the Phoenix area.
Bespoke Builders of Arizona, have been taking advantage of the uptrend and the demand for commercial real estate upgrades and construction and are in strong demand. Voted in the top 10 Arizona Commercial Contractors, Bespoke Builders have continued to grow their commercial business despite the difficulties of many to find skilled workers. Arizona gained more construction jobs in 2019 than any other state, and more qualified workers will be needed over the next five years, according to estimates by the U.S Department of Labor.
“A company’s reputation in our industry is critical. Highly-skilled workers are attracted to companies with an excellent reputation for a variety of reasons. We only work with established reputable sub-contractors, which has allowed us to avoid labor issues”.Owner and founder of Bespoke Builders, Shannon Mark Pulcifer said today when asked about Commercial Growth and attracting workers.
The latest survey conducted by ASU’s W. P. Carey School of Business has interesting insights about the progress of Commercial Projects continuing strongly through the last quarter of 2019. Experts say the Phoenix-area commercial real estate market is on solid ground, and they feel optimistic about the future. But near-term activity will likely continue to be slow in many submarkets with recovery on the horizon.
“Growth continues, projects are getting done. There is also a strong indication that the recovery is beginning to spread to sub-markets previously unaffected, meaning profits are becoming more widespread,” said Mark Stapp, executive director of the W. P. Carey Master of Real Estate Development program. “All Forum parts wished for more activity in most segments, but see the progress. The market continues to reflect a growing metro development pattern. We do still thought of as a “growth and bust” market, but that perception shows a misunderstanding of reality. As I’ve stated previously, maybe what’s happening is we are growing up, and this is a more extended sustainable pattern. I think, like a home, we need to continue doing what is necessary to build community, and that will help create a sustainable growth pattern and increase our resiliency to those potential systemic difficulties.”
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