Summary
Phoenix, Las Vegas, Albuquerque, Santa Fe - Brief Article - Industry Overview - Statistical Data Included
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Extract
Southwest GENERATES Strong Markets.
Phoenix, Las Vegas, Albuquerque and Santa Fe seem to be enjoying sunny conditions in most of their commercial property sectors. The hint of problems caused by the current economic slowdown only appears to be showing up in the Phoenix and Las Vegas office markets, so far.
COMMERCIAL REAL ESTATE LENDERS IN THE SOUTHWEST are anticipating increased loan volume in 2002, sparked by lower interest rates and expanding regional economies. Through midyear, southwestern economies were resisting much of the economic slowdown hurting other parts of the United States. The Southwest resonates with American frontier history, replete with a storied array of players-some real and some the figments of Hollywood's imagination. Today, that colorful legacy has been replaced by the smooth hum of commerce and technological advance that's creating increased efficiencies and value on all levels of southwestern business and industry. "We're not the Southwest once depicted in the cowboy movies," says Doug Esteves, director of real estate finance for Phoenix-based Bridge Financial Corporation, mortgage banker. "Frontier ideals like rugged individualism still have their place here, but we've evolved from dusty outposts into major markets with stable, growing economies." While loan requests are up in major Southwest markets, most lenders are keeping a wary eye on the national economy and exercising more caution and selectivity in their lending. At the same time, however, most of the sources interviewed for this article report increased loan volume for 2001 over 2000, and expect 2002 to be as good or better than 200...See the full content of this document
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