Phoenix AZ is full of variety and culture, which is why it was ranked the best city to relocate a business in the nation, according to a recent study from Commercial Cafe. This data stated that the reason behind the uprise in businesses is due to their excelling real estate market. With things like an increase in office space and a fair price range of leasing rates, Phoenix AZ real estate is becoming an ideal place to relocate for a startup or experienced businesses to plant their roots in. Here are some reasons why you should move to Phoenix AZ for the sake and benefit of your company.
AZ Leasing Rates & Office Space
One of the toughest parts about picking the best city to relocate a business is that you have to find a space in an area that is suited towards your company but is also affordable to lease. This is one of the prime reasons that Phoenix AZ was rated as the best city to relocate a business in the nation, as it’s Phoenix AZ leasing prices were found at a low $14-$29 per square foot. In 2017 alone, there was an extra 693,832 square feet of office space that was leased out to companies. Although Phoenix is an incredibly popular and competitive area for businesses, you can rest easy knowing that there is plenty of places for your business to grow in, within your budget plan.
Annual Wage Rates & Job Growth
Something important to consider when choosing the best city to relocate a business to is how other businesses are faring in the same area. Fortunately, the city of Phoenix AZ is known for being in the sweet spot range for its average annual wage rates as well as average income. According to DataUSA, the average income of Phoenix is $48,452, and with 726,374 employees, there’s been a 3.75% growth in the job market. Especially with the recent AZ minimum wage increase, this gives employees incentive to work hard, and companies a better chance at growing their team with a smaller, more experienced amount of people. Having decent wage rates and chances of job growth gives your business better odds at surviving the first 2 years of relocation.
Other Business Demographics
One of the many unique things about Phoenix AZ is that each of its individual cities have their own unique characteristics for big and small business survival rates, as well as which type of business is more likely to succeed based on the city they are established in. PayTech’s blog can show you more details on this, crime rates, and the least expensive area to open a business in Phoenix AZ. Other important demographics to consider is its location in relation to important freeways, airports, and school districts. Phoenix is not only home to Sky Harbor International Airport, but also to the Metro Transit and Arizona State University. The average commute time for Phoenix residents is 26 minutes, and the average age is nearly 34 years old with half of the population being married. This gives your company great opportunities to appeal to singles and families alike, along with targeting specific demographics depending on what communities you are closest to.
Why Move Your Business to AZ?
There are many ways that your company can benefit from by relocating to Phoenix AZ, which is why it was ranked the best city to relocate a business to. The affordability of office space and areas close to highly rated entertainment and education districts is what makes the city of Phoenix such a desirable place to move to. Relocating to Phoenix AZ could be the next pivotal step in helping your business grow. If you’d like to learn more about the real estate market trends for office spaces in Phoenix AZ, feel free to call one of our knowledgeable realtors here at Century 21 Northwest Realty, at 623.299.2148. As locals, our comprehension of the Phoenix area and its commercial spaces can help get you into the right neighborhood for your business.