Phoenix has regained its status as one of the hottest real estate markets in the U.S., according to a recent Urban Land Institute study. It was ranked the second top market to watch for overall real estate prospects in 2024, behind Nashville and just above Dallas-Fort Worth. The city’s growth is attributed to factors such as its favorable climate, pro-business environment, and major investments from companies like Intel and Taiwan Semiconductor Manufacturing Co. Despite a slowdown in the industrial sector post-COVID-19, Phoenix’s retail market is thriving, with record-low vacancies. Environmental concerns like heat waves and water shortages have not deterred growth in the region.
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Frequently asked questions
A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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