PHOENIX: A New Market Emerging
We brought the stars out for our inaugural Phoenix State of the Market event this week in our newest market. (Make sure to subscribe.) Things are getting better for metro Phoenix, but “it's just an entirely different market than Phoenix is used to seeing,” Greater Phoenix Economic Council's Chris Camacho told our crowd of 200. A lot of the jobs recovered post-recession have been tied to technology, with Apple, Intel, and GM all creating huge software or manufacturing hubs.
Liberty SBF's Zach Murphy says things may be getting a bit too hot for the luxury, Class-A multifamily market. The other big topic involves electric car maker Tesla and whether Phoenix will grab its coveted battery factory. Zach says Texas will be tough to beat with its lucrative incentives. (And the potential for a Tesla/Toyota softball rivalry.) But American Realty Capital Corp's Brett Sheets challenged Zach with a different view: “I'll bet you a beer" it's going to Reno.