John Karadsheh
We are always watching property values, and, in doing so, we also watch closely how Mesa and the State of Arizona are developing economically.
The Kauffman Foundation recently ranked Arizona third in the U.S. for entrepreneurial growth. Also, Kiplinger has predicted Arizona will experience the second fastest job growth in the U.S., at a rate of 3.2 percent.
The economic growth of our city and state are key contributors to the demand for housing. Here are some of the highlights for the first half of 2016:
- Santander Consumer USA opened in Mesa, bringing 970 jobs to the Fiesta District over the next three years.
- Dexcom, a global medical device company, will be bringing their operations to Mesa, adding 500 jobs and $100 million of capital investment over the next few years.
- In the first half of 2016, 928,389 square feet of space has been built/absorbed in Mesa, and the capital investment has been more than $183 million.
- Major League Baseball Spring Training set new attendance records, with the Chicago Cubs and Oakland Athletics drawing more than 300,000 baseball fans to Mesa.
- Higher education continues to thrive in Mesa. Benedictine University recently became a member of the California Pacific Conference as a Division II school, in the National Association of Intercollegiate Athletics, and is adding more sports programs. A.T. Still University is growing and looking to add a 122,000-square-foot academic building. In addition, pending voter approval, Arizona State University will be adding a dynamic new campus to downtown Mesa.
- Dana Park, at Val Vista Drive and Baseline Road, is on track for a $100 million expansion, featuring 70,000 square feet of new retail and dining space, a 260- to 320-unit multifamily residential complex, a movie theater, a six-story hotel and 153,000 square feet of new office space.
- Mesa’s Boeing facility was awarded a $1.5 billion contract to remanufacture 117 Apaches and a second contract for $667.5 million to produce Apaches for Qatar.
- Phoenix-Mesa Gateway Airport continues to see solid growth, and is striving to recruit more major carriers. Allegiant Airlines is expected to add more than 100,000 additional passengers per year, with newly added routes to Fresno, California; Memphis, Tennessee; Des Moines, Iowa; and Sonoma County, California.
What does all this mean for the Mesa and Phoenix Metro region?
Ingo Winzer, a contributor at Forbes.com, predicts Phoenix will see property values increase by “at least 25 percent over the next three years.”
He explains, “The strongest economic growth, and, therefore, strongest demand for housing, is in Phoenix, where jobs are being added at twice the national rate.”
John Karadsheh is the Designated Broker for KOR Properties. He has been a Multi-Million Dollar producing agent for more than 13 years, and is an Accredited Buyers Representative (ABR) and Certified Residential Specialist (CRS). In 2014, John was voted the No.1 Real Estate Agent in Arizona by Ranking Arizona. You can reach John at (480) 568-8684, or visit his website at www.KORproperties.com.
KOR Properties also is the creator and one of the founding sponsors of Mesa Food Truck Fridays.