There is no denying that businesses across the country have experienced a turbulent economic ride over the last few years. Whether your company has a commercial lease in Phoenix, owns a business space, or has employees who work remotely, the economic downtown has been felt across the Valley.
The good news is that Arizona is experiencing a modest but steady trend in job growth. A Brookings Institution study found that Phoenix leads the nation in economic growth, and The Republic recently reported that local bankruptcies decreased 23 percent in the first half of 2013, compared to the same period in 2012. The fact that people are filing fewer bankruptcies is positive for businesses that rely on these consumers.
The Republic also published a list of the 100 companies that employ the largest number of people in Arizona. Wal-Mart topped the list with 31,837 Arizona employees, Banner Health was second with 28,011, and Kroger (the parent company of Fry’s Food) is the third largest employer with 18,000 full-time employees. The employment rate continues to rise in Phoenix, signaling that business health is improving, and companies are back in growth mode.
Although unemployment has decreased, many people fear that the high vacancy rate of office buildings in Arizona might become a “new normal.” The number of businesses signing a commercial lease in Arizona may be lower than the national average, but it is steady. Phoenix has a higher than average vacancy rate than the rest of the state, which could be good news for businesses that are looking for a commercial lease in Phoenix. With this surplus in availability, companies can capitalize on the current conditions to get the perfect space at an affordable price.
If your business wants to be a part of Arizona’s thriving economy, contact Camroad Properties today for more information on signing a commercial lease in Arizona.
Photo By: Liebe5
Written by: Savannah Ivanitski