There’s a couple of items worth noting in CB Richard Ellis’ newly released report that predicts the Valley’s 2006 commercial real estate market. Here’s some highlights:
• Retail space continues to be white-hot and new retail hot spots will be driven beyond the area’s traditional boundaries into places like Queen Creek, Johnson Ranch, Maricopa and cities in Pinal County such as Coolidge, Casa Grande and Florence.
• Developers are set to take advantage of an increasing Hispanic market. Expect to see more Hispanic-themed retail centers this year and beyond.
• The Scottsdale Airpark continues to head the list for office space. The expected vacancy rate this year, between 8 and 9 percent, is the same as last year despite 800,000 square feet of new space scheduled to open by the end of 2006.
• Look for the Gila River Indian Community to land more industrial space. Developers will look to the community because neighboring land values have increased significantly.
Mesa’s Phyllis Smith Hill has a development company in Costa Rica that puts together large properties for other investors.
But her investment in the Central American country’s orphans is also worth noting. Every time she goes to Costa Rica — about three times a year — she takes big suitcases packed with toys for 523 orphans in the city of San Jose.
Smith Hill has a friend who is an attorney in the country. With the help of the attorney’s family, the orphans are treated to Christmas dinner and personally wrapped presents. And they’re not forgotten during the rest of the year, either.
“My dentist gives me free toothbrushes and toothpaste and my grandkids give me lots of toys they don’t want and . . . some Girl Scouts are involved,” Smith Hill said, adding she’s headed to Costa Rica again Friday.
Smith Hill has been visiting the country for 15 years. It began when she and others were invited to the country as part of the Overseas Private Investment Corp., a Washington D.C. firm that provides funds for third world countries that are favored nations.
Retired from major development, she has an investment company called Oceana Holdings, which she runs out of her home.
The Costa Rican company is called Euroceana.
Allied Van Lines reported that Arizona experienced the third largest amount of inbound moves in 2005.
The company’s annual report on on U.S. migration patterns shows Arizona had 4,958 inbound shipments compared with 3,627 outbound shipments for a net relocation gain of 1,331.
The Grand Canyon state was defeated only by Texas with a net relocation gain of 1,991, and North Carolina with a net relocation gain of 1,917.