Hotspots for New Development in the Phoenix Arizona Metro
When it comes to development in the Phoenix, Arizona metro area, one key factor has been driving growth and success: location. The ideal area for development lies along the I-10 freeway, particularly in the corridor along the I-10 and the 101, also known as the "West Valley” in the Phoenix metro. This region is a hotspot for industrial and residential growth, and the I-10 and 303 corridor is poised to be the next big thing.
"West Valley" Phoenix Arizona Metro MapWhy I-10 and the 101 Freeway Corridors?
Industrial tenants prefer locations close to major freeways due to the convenience they offer for their fleet and trucks, and the I-10 corridor has quickly become a prime choice. From Tolleson to Goodyear, Arizona, this area has witnessed significant development activity in recent years.
Industrial Real Estate Drives Growth
First, industrial real estate takes center stage in development. Businesses set up shop along the I-10 for good reason. Its proximity to this major freeway simplifies transportation and distribution, making it an ideal location for warehouses and business parks.
Warehouse Business Parks and Residential Masterplans in the "West Valley"Workforce Demand and Residential Development
Once these industrial facilities are constructed, tenants move in, creating jobs and bringing in a workforce. This, in turn, fuels demand for housing in the area. The correlation is simple yet powerful: industrial real estate leads the way, and residential housing follows suit.
As industrial developments spring up along freeways like the I-10 and the 101, masterplan developers swiftly recognize the potential. They step in to build new homes for the workforce, ensuring that employees can live close to their workplace. This benefits not only the workers but also eases traffic congestion and reduces commute times.
The Next Frontier: I-10 and 303 Corridor
So, what's next on the horizon for development in the Phoenix metro area? The I-10 and 303 corridor. Here's why we're keeping a close eye on this area: one key factor that makes the I-10 and 303 corridor promising is the abundance of available land. This ample space presents an excellent opportunity for both industrial warehouse business parks and residential masterplan communities.
Tolleson as a Precursor
As Tolleson continues to fill up with industrial and residential developments, it's only a matter of time before the focus shifts to neighboring areas like Goodyear. The success of the I-10 corridor sets a compelling precedent, and the same pattern of growth is likely to unfold along the I-10 and 303 corridor.
In summary, the hotspots for development in the Phoenix, Arizona metro market are driven by strategic locations along major freeways, such as the I-10 and 101, 202, and 303 corridor. The synergy between industrial real estate and new residential housing developments is evident, with industrial developments acting as catalysts for both job opportunities and housing needs. As development in Tolleson continues to flourish, all eyes are on the promising I-10 and 303 corridor as the next area set to experience remarkable growth in the near future.
