Mesa - Fast Growing Hub
As one of the nation's fastest-growing areas, Mesa Arizona's population grew nearly 40 percent in the last decade. Solid reasons for Mesa's growth are low costs of doing business and a reasonable tax structure for Mesa commercial real estate investors and businesses.
Commercial Real Estate Tax Advantages
Local tax advantages include military re-use zones, town center development, and foreign trade zone #221 programs.
Military re-use zone taxes result in significant savings to Mesa commercial real estate owners by allowing businesses providing aerospace and aviation services or manufacturing in a military re-use zone to use a 5 percent assessment ratio on all property, instead of the standard 25 percent.
Mesa commercial real estate owners in Town Center development areas may qualify for an abatement of the government property lease excise tax for up to 8 years following specific property improvements.
The foreign trade zone allows companies to reduce or defer payment of customs duties.
Business Corridors in Mesa
Mesa is home to eight existing and upcoming business corridors that offer superior opportunity for Mesa Arizona real estate investment. These hubs host nearly 70 percent of the area's jobs, firms and regional sales.
The Fiesta Quadrant and Superstition Freeway Corridor East are hubs for advanced business and financial services, healthcare and retail industry clusters. These areas are located near freeways and are excellent locations for businesses that require Class A Mesa office space and executive hotel accommodations.
Superstition Freeway Corridor West and the Union Pacific Business Corridor offer an ideal location for those seeking Mesa Arizona real estate with easy freeway access.
Commercial Growth in Mesa
The Maricopa Association of Governments Regional Council voted in support of plans to run the Williams Gateway Freeway through the area, a promising prospect for future Mesa Arizona real estate investors. The $325 million freeway is scheduled to start in 2016.
In addition to improved area transportation, revitalization efforts and landmark projects are literally transforming the downtown area and Red Mountain Freeway Corridor, increasing demand for Mesa office space and commercial real estate concerns. In addition, Mesa Community College plans to establish a digital downtown campus, which will eventually serve over 10,000 students.
In the past, the area transportation system has been a challenge to economic growth. With new freeway construction in the works, Mesa Arizona real estate values are expected to go up. Mesa commercial real estate establishments are making preparation for economic growth. The Hilton Phoenix East/Mesa is undergoing a $6.5 million face-lift, a year after the Phoenix Marriott Mesa's $7.5 million enhancement.