Last year proved to be another strong one for the Phoenix metro’s commercial real estate industry — the region was again named one of the hottest U.S. real estate markets to watch in 2023.

Although the industrial sector drove a lot of growth in the market, the Phoenix area also saw substantial activity in the retail and hospitality sectors while office still worked to make a comeback from the Covid-19 pandemic.

Rising interest rates and ongoing supply chain and labor shortages have delayed or even paused a number of projects across the Valley, but experts say the area’s growth will spill over into 2023 even as some developers wait to see how a potential recession pans out.

In the meantime, multiple large projects have been announced or are already in the works that promise to bring hundreds or thousands of new jobs to the Valley as more people migrate to the region and the state works on a plan to build up infrastructure, a workforce and housing options that companies need to expand or move to Arizona.

The Phoenix Business Journal selected the top 21 commercial real estate projects to watch in 2023 based on economic impact, number of jobs and investment in the market for developments that will break ground, open or progress next year

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By Audrey Jensen and Ron Davis - Phoenix Business Journal