Michael Douglas, a prominent broker at the ICRE Investment team with Orion Investment Real Estate, made an impressive mark in the Phoenix commercial real estate market in 2022. His outstanding performance earned him a spot on AZ Big Media’s list of top 10 commercial real estate producers of the year.
The Phoenix industrial real estate market experienced a remarkable year, characterized by increasing rent rates, low vacancy, and significant growth in construction. With industrial inventory totaling 293.5 million square feet and an additional 56 million square feet under construction, the market demonstrated its strength and potential. Average rents rose by approximately 20% year-over-year across all submarkets, reaching $11.84 per square foot. Notably, absorption for the year reached 22.8 million square feet.
Douglas played a crucial role in this flourishing market
Alongside other notable brokers, he contributed to the success of ICRE Investment Team. Their achievements included significant deals that shaped the landscape of the Phoenix commercial real estate scene.
One spotlight deal involved Larry Kush, the Land Market leader at Orion, who closed a deal for 140 acres of land in Laveen for a staggering $39.5 million. This transaction represented a major advancement in providing much-needed industrial and commercial space in the booming West Valley. Such deals showcased the expertise and influence of the ICRE Investment Team, with Michael Douglas being an integral part of the team’s success.
Recognition Reflects Dedication
The recognition of Douglas as a top producer in the industry reflects his dedication, market knowledge, and commitment to delivering exceptional results for his clients. His presence among the top brokers of 2022 demonstrates his ability to navigate the competitive landscape and contribute to the growth and development of the Phoenix commercial real estate market.
As the Phoenix industrial market continues to thrive, Douglas’s expertise and contributions are poised to make a lasting impact in the years to come. His recognition in AZ Big Media’s esteemed list solidifies his position as a leading broker and further enhances the reputation of the ICRE Investment Team and Orion Investment Real Estate in the industry. If you want to have Michael Douglas be your real estate agent then feel free to reach out to us at ICRE Investment Team anytime.