Potential buyers look; ‘blind optimism’ gone
by J. Craig Anderson – Jan. 23, 2011
The Phoenix-area commercial-real-estate market passed a significant milestone in the fourth quarter, but you won’t find evidence of it by looking at statistics.
That’s because the positive changes were psychological, rather than economic, property investors and brokers said.
About three years after the area’s commercial-real-estate market followed housing down the drain, a large number of struggling property owners who had been holding out for a miracle recovery finally began to accept the truth, investor Steven Jaffe and others said.