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COMMERCIAL REAL ESTATE

DEER VALLEY AIRPARK COMMERCIAL REAL ESTATE DURING QUARANTINE By Chris Keeley, weeks two more of my escrows fell Phoenix Commercial Brokers out. This was before we were ordered

Well, we’ve never seen this before, have we? I saw When the shelter at home orders came a lot in my 22 years on out, our phones went dead. Most every the fire department in Tucson but I deal I was working on disappeared. never saw anything like this. The The panic was real and my industrial health crisis is obvious and I’ll leave market had shut down. Many of the it up to the medical experts to try brokers I work with said the same and figure all that out. We all have thing. It really made me think “how personal tragedies and stories about bad can this get?” We were thriving in this pandemic we could tell. I’m a wonderful market with pricing back not writing this story to share mine. to near record highs. Our vacancies I’m writing this to give an update were way down. Rental rates were at on how this real estate market has their highest in a decade. My great been affected by this unprecedented concern was it was all over and done. disaster. I’d like to give my opinion on what feel over and done now. In the last affect this quarantine is having on the two weeks I’ve seen a surge in activity real estate market. More specifically and offers. It feels like we hit a speed what I’m seeing in the Deer Valley bump and we maybe could walk Industrial Airpark real estate market. away from this disaster with minimal It certainly came on us fast, didn’t damage in my market. Certainly with it? I had a client cancel escrow on a a 14% unemployment rate I expect perfect building one week after she we’ll see some decreases across the put it in escrow, about mid-February. board but the Deer Valley Airpark She told me her business depended on is still short on inventory with good conferences and she was worried they activity today. I think when we get might be cancelled. I was skeptical but closer to normal we could see quite a she was worried. She was way ahead surge in this market. of the curve for sure. Her instincts to shut down, shelter at home. I am happy to say it doesn’t look or were right on and she probably saved The Deer Valley Airpark is still short herself from bankruptcy following on inventory and I would expect her initial instincts. That was my first developers to start to look here soon indication this might be something to add product. We could come back that could affect our business. It hit from this stronger than ever. I expect us all out of nowhere and within two we will.