PHOENIX (KSAZ) - In Phoenix, vacant lots are quickly being filled, as new construction projects commence. The question is, however, whether this "boom" will lead to a bust.
One real estate expert says no.
"Our economy, going forward, is projected to be nice and steady stable growth, which is awesome," said commercial real estate advisor Michael Marsh. He says people are seeing all that Phoenix has to offer, and are taking advantage of it.
"Phoenix has a deep and talented labor pool, especially in the tech field where companies are really discovering, and it hasn't been quite has broadcasted as loudly as it has been recently," said Marsh.
About 60,000 through 100,000 people are moving to the Phoenix area, every year.
"You have people coming from California looking to invest, you have people looking for opportunity here, you also have companies internationally looking to relocate their headquarters here," said Marsh. He went on to say one of the things companies are taking advantage of is Phoenix's climate. In addition, natural disasters are low in Arizona, which is appealing to data centers and other businesses.
"What Phoenix offers is really a safe disaster recovery solution for everybody, but with that, you're starting to build up and have a huge influx in companies," said Marsh.
Meanwhile, the cost of living is pretty inexpensive, considering property in other cities like San Francisco and New York City.
"For the millennial group, you're able to come out here, pay off your loan debts," said Marsh. "You're able to save for a family, you're able to do all this cool stuff and really have a quality of life you didn't have in the Bay Area or LA."