During the Great Recession, Metro Phoenix s
[1] occupancy fell nearly 16 points from its pre-recession peak of 68.2% in 2006 to 52.4% in 2009. However, occupancy fell from the 2019 peak of 70.5% to 47.0%
[2] in 2020, reflecting roughly a 24-point correction. Although average daily rate (ADR) declined 19% from a pre-recession peak of $124.80 in 2008 to a low of $100.94 in 2010, ADR only fell 14% in 2020, from $132.64 in 2019 to $114.44 in 2020. The impact of the COVID-19 pandemic on Phoenix has been two-fold. The first quarter is peak season in Phoenix; as such, some of the strongest months out of the year had passed prior to the onset of the pandemic. On the other hand, peak season for a majority of the top 25 markets is spring and summer. Furthermore, business- and travel-related restrictions related to COVID-19 have been less strict in Phoenix than in other markets, allowing for tourism and group business.
Arizona Has the Fastest Start to the Adult-Use Cannabis Market The companies that staked a flag in the state for the medical program were in a great position to quickly hit the ground running.
Arizona voters approved the sales of adult use cannabis back in November and by January some providers were able to begin sales. It was called the Smart and Safe Arizona Act or Prop. 207, and it favored existing medical marijuana license holders. The companies that staked a flag in the state for the medical program were in a great position to quickly hit the ground running. Historically, this is massive. We re already one of the strongest medical markets in the country, and this is just going to make things bigger, said Pankaj Talwar, CEO of four Sol Flower dispensaries in the Metro Phoenix area.
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SCOTTSDALE, Ariz., Jan. 27, 2021 /PRNewswire/ A state-of-the-art retail and self-storage facility is coming together at 7300 E. Adobe Drive in Scottsdale thanks to the U-Haul® acquisition of a former metal scrapyard.
U-Haul Moving & Storage at Pinnacle Peak will be located just off N. Scottsdale Road and less than a mile south of E. Pinnacle Peak Road. U-Haul will offer truck and trailer sharing; U-Box® portable storage containers; professional hitch installation; and a retail showroom featuring hitch accessories, moving supplies, boxes and much more. The property was acquired on Nov. 25.
Extensive renovations and construction will soon render a number of indoor climate-controlled self-storage units with high-tech security features at affordable price points.
Phoenix still expecting growth despite COVID-19 s devastating impact on the economy
Recently, Phoenix has become one of the top cities in the country in the so-called Crane Index.
PHOENIX - Construction cranes can be seen all around the Valley despite the ongoing COVID-19 pandemic. In fact, Phoenix is one of the top cities in the country, as ranked by the so-called Crane Index. There is so much going on in Phoenix right now, said City of Phoenix Director of Community and Economic Development, Christine MacKay. Just in Downtown Phoenix alone, we have 20 cranes in the air, which is more than what we ever had in history. Our largest number in the past is six cranes, and that’s just Downtown Phoenix