Schmoozing, Phoenix Style
Last night, our debut Phoenix Schmoozarama drew quite a mix of networkers—brokers, developers, investors. As the drinks poured at the Omni Montelucia Scottsdale, we even learned something about North Dakota multifamily.
Phoenix commercial real estate investor Augustine Gomez and Artemis Realty Capital's Greg Nelson and Ben McRae. The guys tell us Artemis has funded more than 6,000 apartment units in the past three years, including more than $20M in the Peace Garden State. (That would be North Dakota. Who wouldn't want to live in such a serene sounding place?)
Many in the crowd of 200 expressed optimism. And why not? According to Colliers International, office vacancies have dropped from 20% to little more than 18% in a year, prompting investors to get more aggressive on pricing. (Imagine how they'll behave if we hit single digits.) And despite a leasing slowdown, vacancy rates improved in the Northwest and Northeast Valley and Airport industrial submarkets.
Bury's Aaron Parenica and Kelly Bell are part of the company's expansion into Arizona. It just opened Phoenix ops here in January, and Kelly tells us she sees Phoenix as primed for commercial real estate growth.
