While it may still be too hot to wear coats and drink hot cider, it is the perfect weather for enjoying outdoor living, once again.
John Karadsheh
The nicer weather seems to have also gotten more buyers out and about. The luxury market continues to have life and buyers in all price ranges are slowly starting to look at property again — although they are not necessarily rushing to buy unless the property is perfect.
As of mid-October (when this article was written), inventory was very low with just over 8,000 single-family homes on the market in all of Maricopa County. Of that inventory, only 1,173 single-family homes were on the market in Mesa, Gilbert, and Chandler (these three cities have over 1.1 million residents combined). While demand remains lukewarm due to high mortgage rates, when buyer confidence picks up, we will be back to a robust market very quickly due to the limited inventory.
We know that demand is coming to Mesa and the East Valley simply because of the growth that is occurring.
We had the opportunity to take a four-hour Southeast Mesa Bus Tour in October hosted by the Mesa Chamber of Commerce. The amount of development that has occurred since 2019 is absolutely staggering. These older maps of the Elliot Tech Corridor (first image) and Pecos Advanced Manufacturing Zone (second image) give you just a hint of the area, but almost every parcel is now spoken for including Google’s recent announcement of a $600 million project on Sossaman and Elliot.
The development and growth on and around Gateway Airport are equally impressive with a new five-gate terminal expansion, 225,000-squarefoot Gulfstream service facility, and Virgin Galactic Manufacturing facility.
Currently, Southeast Mesa has an impressive 46.2 million square feet of construction and planned development — with 17 million square feet currently under construction. There is everything from manufacturing to logistics and aviation support to supply chain for the Intel and TSMC mega projects. This incredible growth has put Mesa on the map both nationally and internationally.
The City of Mesa has a fantastic interactive map of current development which allows you to see the developmental stages of any project in the city. It is a great tool for understanding what is happening in your own backyard and a fantastic tool for understanding the magnitude of growth happening in Southeast Mesa. Go to gis.mesaaz. gov/storymaps/developmentsites to see for yourself.
The Office of Economic Development, led by Director Bill Jabjiniak, had another banner year as noted in their FY2023 Annual Report: “We attracted, retained, and assisted in expansions of 53 companies. This resulted in more than 4,100 jobs, a record number for the department.
These projects resulted in the creation and absorption of more than 5.2 million square feet of space and more than $1.5 billion of capital investment,” said Bill.
Bill will be retiring in November and his departure will be a huge loss for Mesa. Natascha has served with the award-winning director on the City of Mesa Economic Development Advisory Board since 2015 and reflected on her time working with the director. “We have been so lucky to have such a strong and visionary leader promoting Mesa and helping us transform from a community driven by retail sales and housing permits to one that is economically diverse and vibrant. Bill leaves behind a legacy of transformation that will shape the city for generations to come.”
John is the Designated Broker of KOR Properties and has been a Multi-Million Dollar producing agent for over 20 years. He is an Accredited Buyers Representative (ABR) and Certified Residential Specialist (CRS), and serves on the Arizona Regional MLS (ARMLS) Rules & Policies Committee, ARMLS Appeals Committee, and the West and Southeast Realtors of the Valley Professional Standards Committee.
Natascha is a Multi-Million Dollar Producer and Accredited Buyers Representative (ABR). She is the Founder of Mesa Food Truck Fridays, a Member and Past-Chair of the City of Mesa Economic Development Advisory Board, and on the Board of Directors of the Greater Phoenix Economic Council.