2005 may very well be the best year for Phoenix's commercial real estate market as economic analyst concludes. The one person who's having a great time over the market's boom is David E. Sellers, why? Because it carries his business's in a good fashion.
It is known that Sellers is reportedly has 108 new projects under his helm, the list has variety of range from office condos at the upscale DC ranches to luxury-home design center, it really shows his variety of work. In his busy year, one can said that October has to be his month. Why? he put up about 7 projects on that month, to sort it out here's the list:
2 in Phoenix
2 in Tempe
1 in Chandler
1 in Gilbert
1 in Glendale
The total area is combined at approximately 2 million square meters. The value? well at about $162 million.
Sellers said "We've enjoyed a tremendous level of success this year," also adds "We've reached new highs in the number of projects we've started, the value of the projects, and square footage under construction." The year was good to him obviously.
Contributing Editor for the Arizona Blue Chip Economic Forecast, Elliot Pollack said in mid-January that "the likes of which it has not seen in more than a decade." he also adds "The housing market is at record levels, and commercial real estate markets should continue to be strong for some time," the prediction is based on the markets performance for some time.
For office condos it's popularity is also obvious at places like Scottsdale Airpark and other nearby areas as well mainly because most people resides at the North Scottsdale.
Seller's new project is projected to be a popular one, considering that the project would be a joint venture with Biltmore Holdings, the reason behind it's predicted popularity is mainly because buyers would then be able to own their own building .
Sellers said that "Our decision to broaden the range of projects we're pursuing has paid off nicely, especially in the retail segment with some of the high-profile projects we've landed, and we hope to continue that success into 2006," The success is much anticipated.
Phoenix's commercial market is truly making noise throughout the state as Seller's business progress has been in constant tear, this year is another good year if he continues to put up good numbers like last year.
http://www.realestateportal.org/article.php?story=20060131121015435