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City Scoop: Phoenix
Construction Starts Phoenix
TOTAL CONSTRUCTION Actual
2007
Actual
2008
Actual
2009
Forecast
2010
Forecast
2011
($ Millions)
$14,876 $8,911 $6,841
$5,553 $5,839
NON-RESIDENTIAL
Commercial & Manufacturing
Stores & Shopping Centers
Office & Bank Buildings
Hotels & Motels
Other Commercial Buildings
Manufacturing Buildings
$5,639 $4,026 $2,537
$3,326 $2,506 $1,415
$880 $605 $232
$1,018 $635 $243
$177 $357 $9
$1,010 $751 $236
$241 $159 $694
$1,981 $1,951
$916 $961
$151 $181
$393 $300
$72 $32
$216 $289
$84 $158
INSTITUTIONAL
Education Buildings
Health-care Facilities
Other Institutional Buildings
$2,314 $1,520 $1,122
$871 $436 $255
$638 $599 $257
$805 $485 $610
$1,065 $990
$595 $465
$193 $237
$277 $288
RESIDENTIAL
Single Family
Multifamily
$6,620 $3,387 $2,076
$5,513 $2,692 $2,012
$1,107 $696 $65
$1,909 $2,479
$1,734 $2,274
$175 $205
TOTAL NON-BUILDING
Highways & Bridges
Other Public Works
Environmental Public Works
Electric Utilities
$2,617 $1,498 $2,228
$559 $708 $807
$401 $229 $302
$629 $522 $358
$1,028 $39 $762
$1,663 $1,409
$666 $516
$259 $350
$311 $416
$427 $127

 

Total Picture  

 

Firms in Focus Hensel Phelps 444 N. 44th St., Phoenix

Western District Manager: Steve Grauer Regional Employees: 163 Founded: 1937

Milestone: Crews celebrated the topping off of the PHX Sky Train station at 44th and Washington streets on April 29. The $325-million project will begin service at Sky Harbor Airport in 2013.

 

City Grill  

Don Mudd Managing Director
Jones Lang LaSalle - Phoenix
Recovery has started in the Phoenix office market and net absorption is positive, since there is zero new office construction currently. Sublease and shadow space [under-utilized leased space] are down by more than 75% from 2008. With overall vacancy expected to stabilize this quarter, even modest job growth will have a solid, positive impact on Phoenix office space. Already, some markets are approaching 17% vacancy rates. Historically, a new development cycle is triggered when overall vacancies hit 17% to 19%.

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