A FOUNDATIONAL SHIFT As real estate continues its healthy recovery, changes in education and the use of technology will impact the sector By JESSE A. MILLARD
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he commercial real estate industry has been moving along quietly and steadily since the Great Recession. Vacancies are low in many sectors, revealing room for growth and ample opportunities throughout the Valley. But it won’t be easy. Labor shortages, new technology and a need for more education throughout the construction and commercial real estate industries are shifting dynamics across the sector as it marches further into recovery. Az Business Leaders magazine sat down with Casey Cartier, CEO of Phoenix-based Jokake Construction, to talk about these shifting dynamics and what we should expect to see in 2018 in commercial real estate.
Az Business Leaders: Which sectors will be the strongest next year and in the next couple of years? Casey Cartier: Certainly, healthcare, being No. 1 for us, the industrial sectors and then office after that. We certainly see large growth in the service-provided healthcare industry. That ultimately as it reacts to the possible changes to the Affordable Care Act whatever comes from that, will be impactful. But we’re seeing low vacancies across the board in all sectors, which is a major piece we measure for market sector opportunities. ABL: Three of our four major sports teams in the region are seeking new stadiums, or at least fighting about it. Do you think that will happen and, if so, how soon?