PwC partner Mitch Roschelle reveals where America's seeing a housing market boom.
Phoenix, Arizona, is having a moment as many companies choose to invest there, including in the Camelback Corridor, an upscale neighborhood near downtown Phoenix.
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SMALLER U.S. CITIES BECOMING REAL ESTATE HOT SPOTS AMID CORONAVIRUS CRISIS: REAL ESTATE EXPERT
Billion-dollar investment firm Smead Capital Management is moving from Seattle to the Camelback Corridor to give employees a lower cost of living and a better quality of life, the company announced in June.
Phoenix midtown skyline with a Saguaro Cactus and other desert scenery in the foreground. (iStock)
“We are playing the long game for our company, colleagues, clients and shareholders with this transition to our new location,” Smead Capital President Cole Smead said in a statement. “As we plan for the next chapter of our organization, we believe that we gain tangible and intangible benefits through Greater Phoenix and its surrounding communities.”
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Real estate firm Dwell Arizona describes the Camelback Corridor as "one of Phoenix’s most sought after neighborhoods" and "home to high-end shopping, fine residential neighborhoods and sleek commercial complexes." According to Dwell Arizona, the area has a mix of spacious homes and condos and offers a view of Camelback Mountain, which may provide a clue to how the neighborhood got its name.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 3,104.00 | -96.00 | -3.00% |
| ZM | ZOOM VIDEO COMMUNICATIONS INC. | 260.30 | -15.57 | -5.64% |
In addition to Smead Capital Management, major players like Zoom and Amazon have their eyes on the area.
Zoom chose Phoenix and Pittsburgh for its two new research and development centers, the company said in May.
Arizona Republican Gov. Doug Ducey answers a question as he speaks about the latest coronavirus update at a news conference Thursday, July 9, 2020, in Phoenix. (AP Photo/Ross D. Franklin, Pool)
"Both Phoenix and Pittsburgh have incredibly well-educated, skilled, and diverse talent pools that are well-positioned to help support Zoom’s ongoing growth and continued success,” Zoom CEO Eric S. Yuan said in a statement. “We plan to hire up to 500 software engineers between these two cities in the next few years, drawing largely on recent graduates of the many local universities."
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In addition, Amazon purchased nearly 100 acres in an industrial area just outside Phoenix in July. The company isn't commenting on what it will use the land for, but an Amazon spokesperson told FOX Business it will provide "flexibility to quickly respond to our future network needs."
"We're number four in the nation for startup activities," Carrie Kelly of the Arizona Association for Economic Development told FOX Business. "These two really big organizations are coming in, and it’s driving that tech online explosion we’re seeing."
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