How does a real estate agent go about learning commercial real estate? There are many unique facets and requirements of the commercial real estate market. As a result, there are many learning opportunities. Real estate agents who have an interest in learning commercial real estate can more readily pursue this market at Keller Williams Arizona Realty.
Learning Commercial Real Estate in Scottsdale
The Scottsdale commercial real estate market is as varied as that of any large city. The City of Scottsdale Economic Development Department publishes Commercial Occupancy Trends on a quarterly basis. This can be found on their website, Choose Scottsdale. At this website, the city highlights all of the many attractive features of living, working, and investing in Scottsdale. This portal also offers many helpful tools for visitors including:
- Data and Reports that Provide Competitive Information
- Employment Portal for Job Advertisers and Job Seekers
- Local and State Business Services and Incentives
- Market Analysis Tools to Help Identify Commercial Opportunities
- Talent Attraction and Guide for Relocation to Scottsdale
Scottsdale Commercial Occupancy Trends
The City of Scottsdale reports on seven distinct Employment Centers in their Commercial Occupancy Trend Report. These Employment Centers reflect significant geographic differences, in addition to sub-sectors for type of commercial activity. The three main Employment Centers are Airpark, Downtown, and McDowell. The sub-sectors include Industrial, Office, and Retail.
Interestingly, these Employment Centers and sub-sectors reflect a wide variety of differences in terms of vacancy rates and cost per square foot. In Q1 2022, The lowest vacancy rate was in the Airpark Industrial Employment Center. However, the highest cost per square foot was in the Downtown Retail Employment Center.
Learning Commercial Real Estate: April 2022 Data
The month of April 2022 clearly shows the difference between Scottsdale and Metro Phoenix commercial real estate. The Overall Trends indicate prices are higher on average in Scottsdale:
|Cost per Square Foot||Scottsdale||Phoenix||Scottsdale Differential||Scottsdale Percent Higher than Phoenix|
While Scottsdale has long been a major tourism destination, the city is transitioning to more diverse demographic and economic base. As a result, many companies prefer to have operations in Scottsdale. This is a major reason the Scottsdale cost per square foot differential is so strikingly high compared to Metro Phoenix.
How Should You Go About Learning Commercial Real Estate?
As a real estate agent who wants to proceed with learning commercial real estate, a good practice is to connect with Keller Williams Arizona Realty agents who work in this market. For example, Paul Andrews serves as the Chairperson of the Commercial Committee on the Agent Leadership Council for 2022. Several other agents at Keller Williams Arizona Realty also work in commercial real estate, including Rick Horst and Germaine Villeneuve. These agents often attend the KWAZ Commercial Division Meeting, which is designated for commercial members only.
Other important avenues to pursue for learning commercial real estate include:
- The KWC Associate Academy, featuring live webinar courses taught by Mike Lipsey. Agents can also go on to earn the Lipsey MiCP® Designation.
- The KW Commercial Community offers resources, tools, training, and networking opportunities.
- Look into obtaining your Certified Commercial Investment Member (CCIM) designation. With this designation, agents may therefore be able to increase their commercial real estate opportunities.
Learning Commercial Real Estate with a Mentor
Often a real estate agent’s best bet when making a foray into a new market is to find a mentor. This is also recommended in the commercial real estate market. Someone who already knows the path can act as your trusted advisor. They can also point you in the right direction for specific issues. This will in turn help you assist your clients in the best way possible.
Keller Williams Arizona Realty and You
If you are interested in learning commercial real estate, you are in the right place. Our brokerage has the knowledge and resources to help you proceed with your education and training. Additionally, our partners strongly believe KWAZ is the best Scottsdale brokerage to work for, and for good reason: our focus is always on you and your continued success.
Contact us today to learn more about our brokerage, our training and education programs. As a result, you will find out the best way to go forward learning commercial real estate. Our leadership team and coaching experts are happy to speak with you about the KW Difference at Keller Williams Arizona Realty. We are absolutely confident you will join our partners and learn that KWAZ is indeed the best Scottsdale broker to work for!