Real Estate is Arizona's "Hottest Commodity"
Once-popular farming has steadily given way to Arizona's hottest commodity, real estate.
Throughout the Valley and other parts of Arizona, housing developments are replacing farmland, especially in such growth hotbeds as Chandler, Gilbert and Queen Creek. Approximately fifty percent of the Valley's urban areas were once used for farming, according to Arizona State University's Center for Business Research.
Also, Metro Phoenix ranks among the nation's top 10 metropolitan markets for office and multifamily properties in 2005. Here, Phoenix is rated sixth in the office buyer market and seventh in the multifamily buyer market. These high rankings are influenced by Phoenix's "Sunbelt" status, along with its projected 2.5 percent job growth in 2005.
Other cities in the top 10 listings include Las Vegas, Riverside/San Bernadino (CA), Tampa, Tucson, Salt Lake City, Houston, Raliegh, Kansas City. Chicago and West Palm Beach.
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