Phoenix, Arizona, the city of soaring possibilities and an economic powerhouse, has witnessed an extraordinary surge in commercial construction activity. As the vibrant heartbeat of growth and development, Phoenix has been a hotspot for captivating trends in the commercial construction industry in recent years. Let’s explore the innovative waves that have been shaping the landscape of commercial construction in this dynamic city.
Some of these trends include:
The Rise of Mixed-use Development
Mixed-use development is a type of development that combines residential, commercial, and retail space in a single project. This type of development is becoming increasingly popular in Phoenix, as it allows people to live, work, and shop in the same area. Some examples of mixed-use developments in Phoenix include:
- Block 23: Block 23 is a mixed-use development located in downtown Phoenix. The development includes office space, residential units, retail space, and a hotel.
- The Grove: The Grove is a mixed-use development located in the Biltmore neighborhood of Phoenix. The development includes office space, residential units, retail space, and a hotel.
- The Yards: The Yards is a mixed-use development located in the Roosevelt Row Arts District of Phoenix. The development includes office space, residential units, retail space, and a public park.
- Chandler Fashion Center: Chandler Fashion Center is a mixed-use development located in Chandler, Arizona. The development includes a shopping mall, office space, and a hotel.
- Avondale Town Center: Avondale Town Center is a mixed-use development located in Avondale, Arizona. The development includes a shopping center, office space, and a hotel.
- Verde @ Cooley Station: Verde @ Cooley Station is a mixed-use development located in Gilbert, Arizona and one that Bleuwave has been heavily involved in. The development is located at the intersection of East Williams Field Road and South Recker Road. The development includes a variety of amenities, including:
- Retail space: The development includes approximately 40,000 square feet of retail space.
- Office space: The development includes approximately 15,400 square feet of office space.
- Dining: The development includes approximately 32,000 square feet of dining space.
- Health and wellness: The development includes a 38,000 square foot Verde Medical Center.
- Apartment residences: The development includes approximately 2,500 apartment residences.
- A central park gathering place: The development includes a central park gathering place called, “The Green!”
These are just a few examples of mixed-use developments in Phoenix, Arizona. Mixed-use developments are becoming increasingly popular in Phoenix, as they offer a variety of amenities and conveniences for residents and businesses.
Growth of e-Commerce
The growth of e-commerce has led to an increase in demand for warehouse and distribution space. Phoenix is a major distribution hub for the Southwest, and this trend is expected to continue in the coming years.
Development of Green Buildings & Development
Green buildings are designed to be energy-efficient and environmentally friendly. This trend is becoming increasingly popular in Phoenix, as businesses and residents look for ways to reduce their environmental impact. The use of prefabricated materials: Prefabricated materials are becoming increasingly popular in commercial construction. These materials can be assembled quickly and easily, which can save time and money on construction projects.
Impact of Rising Interest Rates in Phoenix Arizona
The rising interest rates are expected to have a significant impact on commercial construction in Phoenix. As interest rates rise, the cost of borrowing money will increase. This could lead to a slowdown in commercial construction activity, as businesses may be less willing to invest in new projects. However, it is important to note that the impact of rising interest rates will vary depending on the specific project. For example, projects that are already underway or that have already secured financing may not be as affected by rising interest rates.
Overall, the outlook for commercial construction in Phoenix is positive. The city is growing and there is a strong demand for commercial space. However, the rising interest rates are a potential headwind for the industry. It is important to factor in the impact of rising interest rates when planning a commercial construction project.
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