There are a lot of investors who see potential in Phoenix:
- An endless supply of 80,000 college students just down the street. Think: new housing.
- Desert land and utility costs are cheaper than a lot of other big cities. Think: corporate relocation.
- Not to mention warm weather year round…Think: golf, tennis, and proximity to San Diego when it gets too hot.
The Biltmore Financial Center (a large 3 building office complex on E. Camelback Road) recently sold for $163.1 million. No office building in the Phoenix area has gone for this much since 2007.
At Seattle Funding Group, we are also looking to expand more into the Phoenix marketplace. And although office vacancy is still high (25% according to the article) compared to the rest of the country, it has been dropping fast recently. Just Google Tempe’s skyline (also pictured above) to see what we mean!