| EMPLOYMENT |
| Employment market information is made available as changes occur. Sources of information include the State Department of Economic Security, The United States Department of Labor, and publicly announced information regarding employment reduction or employment additions made available from secondary sources. |
|
| Employment Reduction | |
| Employer | Reduction (Jobs) | Reporting Date | US Air
| 1,000
| 10/2009
| American Greyhound Racing
| 147
| 10/2009 | Sam's Club
| 150
| 01/2010
| NN Inc
| 130
| 01/2010
| City of Tempe
| 215
| 01/2010
| | City of Phoenix | 1,385
| 01/2010
| | Boeing | 46
| 02/2010
| | Freeport McMoRan | 60
| 02/2010
|
|
|
| Employment Addition | |
| Employer | Addition (Jobs) | Reporting Date | Papa John Salad & Produce
| 100
| 10/2009
| Direct Alliance
| 300
| 10/2009
| University of Phoenix
| 500
| 10/2009
| BestIT
| 40
| 01/2010
| Home Depot
| 700
| 01/2010
| Suntech
| 75
| 01/2010
| Yelp
| 200
| 02/2010
| Chandler Medical Center
| 200
| 02/2010
| W.L. Gore
| 500
| 02/2010
| Humana
| 150
| 02/2010
| Famous Dave's
| 130
| 02/2010
|
|
|
| Labor Force Data, Phoenix-Mesa | |
| Civilian Labor Force | Unemployment Rate | Reporting Date | 2,122.5
| 8.3%
| 06/2009
| 2,118.9
| 8.7%
| 07/2009
| 2,124.7
| 8.6%
| 08/2009
| 2,115.4
| 8.6%
| 09/2009
| 2,114.4
| 8.7%
| 10/2009
| 2,117.3
| 8.1%
| 11/2009
| 2,112.4
| 8.2%
| 12/2009
|
Source: U.S. Bureau of Labor Statistics |
|
| Non-Agricultural Employment Status | |
| | Total Employment (1,713.9) | | Period | Construction | Other | Total | | Dec 2009 Total | 97.8 | 1,616.1 | 1,713.9 |
** Phoenix-Mesa-Scottsdale, Source: U.S. Department of Labor |
| |
| POPULATION |
| Population data references the United States Bureau of the Census, or the State Department of Economic Security. Population data illustrated compares the most recent census with the 1990 census, and is updated when population data changes are announced. |
|
| Most Recent Reporting Year | |
Total Maricopa County Population Change:
July 1, 2005 to July 1, 2006 (In Thousands) |
| Year |
Net Migration |
Net Natural Increase
|
Change |
Total Population |
| 2006 |
90.7 |
38.9 |
129.6 |
3,768,123 |
| |
|
Source: U.S. Census Bureau |
|
| |
|
| Prior Census Periods | |
| | | _________Change_________ | | Year | Population (000) | Number (000) | Percentage | | 2006 | 3,768 | 696 | 22.6 | | 2000 | 3,072 | 936 | 43.3 | | 1990 | 2,161 | 614 | 39.7 | | 1980 | 1,547 | 576 | 59.3 | | 1970 | 971 | 307 | 46.2 | | 1960 | 664 | Base Year | |
| |
| FREEWAY DEVELOPMENT |
| Freeway development announcements are monitored through the state agencies responsible for freeway development, and updated as that information is made available. |
|
| Loop 101 HOV Lanes | |
Loop 101 (Price Freeway) forms the southernmost leg of Loop 101, connecting with the Red Mountain and Superstition Freeways before terminating at the Santan Freeway in Chandler. Improvements will add HOV lanes in the median of Loop 101 from the Red Mountain Freeway to the Santan Freeway. The estimated duration of construction is 10 months. The second project segment will add HOV lanes on Loop 101 between Baseline Road and the Santan Freeway.This segment began in spring/summer 2008 and the project is estimated to be completed in early 2009. Source: The Arizona Department of Transportation |
|
| State Route 51 | |
To address the future demands on this route, the Regional Transportation Plan calls for the addition of both general-purpose lanes and HOV lanes. ADOT will be constructing one new High Occupancy Vehicle lane in each direction on State Route 51 (Piestewa Freeway) between Shea Blvd. up and on to the Loop 101 to Tatum Blvd. Additionally, as a part of this construction project, ADOT will add new HOV ramp connections to the SR 51 and Loop 101 Interchange. Construction began in summer 2007, with completion anticipated in late summer 2008. Source: The Arizona Department of Transportation |
| |
| REAL ESTATE PROJECTS |
| Major mixed-use real estate projects, which will impact an area, are described in this section. |
|
| Medical Facility Development | |
| United Surgical Partners International Inc., Catholic Heathcare West and United Surgical partners began construction on a 71,000 square-foot surgical hospital in December 2009. The new facility will be located near the Loop 202 and 40th Street and plans to open in January 2011. |
|
| Phoenix-Mesa Gateway Airport | |
| Reliance Companies broke ground on a 52-acre, 60,000 SF Warehouse space, at Phoenix-Mesa Gateway airport. The warehouse project presents the potential for 1,500 jobs. The airport is estimated to serve 5 million passengers by 2027. |
|
| El Coyote LLC buys parcel near Phoenix-Mesa Gateway airport | |
| El Coyote LLC has purchased 17 acres at the northeast corner of Elliot and Ellsworth Roads in Mesa, an area northeast of the Phoenix-Mesa Gateway Airport.El Coyote plans to build a $6.3 million, 3,300-acre master planned community in late 2010, with groundbreaking scheduled for second quarter 2009. |
|
| Luxury Rental Condo | |
| Alliance Residential has selected a 4.14-acre site at 16th Street and Campbell Avenue to build a $36 million 240-unit luxury rental community. Alliance is scheduled to open the site in the fall of 2009. |
|
| Franklin Pierce University | |
| Franklin Pierce University has leased 30 acres in the City of Goodyear’s proposed City Center development. The University plans call for completing construction of the university's phase one buildings by the summer of 2012, full build out of the campus will be spread over a 15-year period. |
|
| Banner Ironwood Medical Center | |
| Banner Ironwood Medical Center broke ground June 5,2008 in Queen Creek. The $128 million, 220,000-square-foot, 24-bed hospital will be located at 37000 N. Gantzel Road. Future expansion is projected at 500 beds to provide for the rapidly growing Queen Creek population. The project architect is SmithGroup and the general contractor is McCarthy Construction. |
| |
| APARTMENT MARKET CONDITIONS |
| Apartment market conditions are updated as: Rental rates – three times annually; sale activity – monthly; new construction currently in process – weekly; and construction starts during the past 30 day period – twice weekly. |
|
| New Construction on 02/28/2010 | |
| Properties Under Construction | | 11 | | Units Under Construction | | 3,260
| Construction Starts, Last Thirty Days (subscribers)
| | | Construction Completions, Last Thirty Days (subscribers)
| | |
|
|
| Rental Market | |
Current Metropolitan Area Rental Rates 02/2010
| Low | High | Average | One Bedroom
| $ 325 | $1,601 | $ 620 | | Two Bedroom/Two Bath | $ 445 | $5,206 | $ 820 |
|
|
| Twelve Month Sale Activity | |
| | Period | Change | | | 2009 | 2010 | Number | Percent | *Twelve Month Sale Activity
Sales reported are among properties 50 units and larger.
*Period = (Mar2008 - Feb2009) - (Mar2009 - Feb2010) | 19
| 52
| +33 | 173.7% | Sales Completed --
Most Recent Sixty Days (Properties - # of Units) | - | 13-2,119 | - | - |
|
| |
| BROKER SALES |
| Apartment Sales for the previous 90 days, including Broker, sale date, number of units, and sales price. |
|
| Phoenix Broker Sales | |
| Broker | CB Richard Ellis |
|---|
| Agent/Contact | Tyler Anderson and Sean Cunningham
| Contact
| 602-735-5555 | | Sales Date | 08/2009 | | No. of Units | 316
| | Sale Price | $29.0mm | | Broker | Transwestern Commercial Services
|
|---|
| Agent/Contact | Matt Lockin, Bobby Bull & Jack Hannum
| Contact
| 602-954-1249
| Sales Date
| 08/2009 | | No. of Units | 258
| | Sale Price | $17.9mm | | Broker | Transwestern Commercial Services
|
|---|
| Agent/Contact | Matt Lockin, Bobby Bull & Jack Hannum
| Contact
| 602-954-1249
| Sales Date
| 08/2009 | | No. of Units | 200 | | Sale Price | $17.0mm | | Broker | Transwestern Commercial Services
|
|---|
| Agent/Contact | Matt Lockin, Bobby Bull & Jack Hannum
| Contact
| 602-954-1249
| Sales Date
| 08/2009 | | No. of Units | 134
| | Sale Price | $7.6mm | | Broker | Marcus & Millichap |
|---|
| Agent/Contact | Alon Shnitzer & Jacob Steele | Contact
| 602-687-6700 | Sales Date
| 08/2009 | | No. of Units | 402
| | Sale Price | $14.25mm | | Broker | Apartment Realty Advisers |
|---|
| Agent/Contact | Bret Zinn | Contact
| 602-252-4232 | Sales Date
| 09/2009 | | No. of Units | 186
| | Sale Price | $5.8mm | | Broker | Marcus & Millichap |
|---|
| Agent/Contact | Alon Shnitzer | Contact
| 602-687-6789 | Sales Date
| 10/2009 | | No. of Units | 256
| | Sale Price | $5.0mm | | Broker | Axxiom Partners LLC
|
|---|
| Agent/Contact | Neil Sherman
| Contact
| 480-656-8600
| Sales Date
| 10/2009 | | No. of Units | 115
| | Sale Price | $1.8mm | | Broker | Colliers International |
|---|
| Agent/Contact | Cindy Cooke & Brad Cooke
| Contact
| 602-222-5039
| Sales Date
| 10/2009 | | No. of Units | 448
| | Sale Price | $47.8mm | | Broker | Transwestern Commercial Services
|
|---|
| Agent/Contact | Matt Lockin, Bobby Bull & Jack Hannum
| Contact
| 602-954-1249 | Sales Date
| 11/2009 | | No. of Units | 316
| | Sale Price | $9.8mm | | Broker | Marcus & Millichap |
|---|
| Agent/Contact | Alon Shnitzer | Contact
| 602-687-6789 | Sales Date
| 11/2009 | | No. of Units | 196
| | Sale Price | $15.7mm | | Broker | Colliers International |
|---|
| Agent/Contact | Cindy Cooke & Brad Cooke
| Contact
| 602-222-5088 | Sales Date
| 1/2010 | | No. of Units | 428
| | Sale Price | $18.5mm | | Broker | Cassidy & Turley BRE Commercial |
|---|
| Agent/Contact | Marc Huisken & Robert Chester
| Contact
| 602-954-9000 | Sales Date
| 1/2010 | | No. of Units | 116
| | Sale Price | $4.6mm | | Broker | Apartment Realty Advisors
|
|---|
| Agent/Contact | Brad Goff, Dave Lord & Brett Zinn
| Contact
| 602-252-4232 | Sales Date
| 1/2010 | | No. of Units | 204
| | Sale Price | $8.2mm | | Broker | Marcus amd Millichap
|
|---|
| Agent/Contact | Brian Smuckler and Jeff Seaman
| Contact
| 602-952-9669 | Sales Date
| 1/2010 | | No. of Units | 70
| | Sale Price | $1.6mm | | Broker | Transwestern
|
|---|
| Agent/Contact | Jack Hannum and Bobby Bull
| Contact
| 602-386-1181 | Sales Date
| 1/2010 | | No. of Units | 224
| | Sale Price | $12.6mm | | Broker | Colliers International
|
|---|
| Agent/Contact | Jeff Sherman | Contact
| 602-222-5000 | Sales Date
| 2/2010 | | No. of Units | 58
| | Sale Price | $.7mm | | | | Broker | Cushman & Wakefield
|
|---|
Agent/Contact
| Todd Brown, Jim Crews & Brett Polachek
| | Contact | 602-253-7900 | Sale Date
| 2/2010 | No. of Units
| 222 | Sale Price
| $3.8mm | | | |
|
| |
