Hello and welcome back to Business Briefcase! As the entire West Valley continues to grow, residents are beginning to see more businesses break ground in areas including Avondale, Goodyear and Buckeye.
According to data from WESTMARC, there are more than 1.7 million people living in the West Valley, and it’s estimated that the population in the next five years will grow at twice the national rate of growth. The Maricopa Association of Governments estimates the West Valley will be home to 2,094,834 residents by 2030.
Overall, Arizona is seeing major growth. The census shows that the state has the highest population growth rate in the United States and has the third-highest population growth since 2010. The West Valley has much to do with that increase.
During the next 25 years, over 40% of the growth in Maricopa County will occur in the West Valley.
To keep up with these estimated statistics, major corporations are choosing to be part of the growth by opening locations in the West Valley. Here is another business that West Valley residents can expect to bring jobs and further growth opportunities.
to open in Goodyear
Wondering what the building is located at the southwest corner of Elwood Street and Sarival Avenue?
ViaWest Group broke ground on Goodyear Crossings Industrial Park and is expected to open in Q3 this year.
After ViaWest acquired the 25.91-acre parcel in November 2019, the plan was to include three industrial buildings. Each building is over 55,000 square feet, one being 284,290 square feet. All three buildings are intended for single or multitenant use.
“With the rapidly expanding Goodyear industrial market, these high-quality, small to midsize buildings are unique offerings to the market and will provide logistics and/or manufacturing solutions to a variety of growing businesses,” Alex Boles, director of development at ViaWest Group, said in a statement.
“Net absorption in metro Phoenix was at an all-time high in 2020, absorbing just over 15 million square feet. That is a 9 million-square-foot increase from 2019,” added Allen Lowe, principal at Lee & Associates.
The site is located just over 3 miles south of the interchange at Cotton Lane and Interstate 10, less than a mile from the Loop 303 southern extension. The buildings are located directly adjacent to other large industrial tenants, including Amazon and Macy’s.
One of the primary reasons the West Valley continues to see an increase in industrial, residential and commercial demand, even during the pandemic, is because it’s the most westerly connection to California.
“We’ve learned a lot about ourselves, and there are a lot of things that we can take into the future. Goodyear continues to grow. We did not slow down during the pandemic, so we had to manage this on top of the incredible growth that we already have going on in our community,” Goodyear City Manager Julie Karins said at the WESTMARC Economic Development Summit. “It’s a great time to be in Goodyear.”
The project, a joint venture with a Philadelphia-based investment company, will allow Goodyear to continue to serve as a strategic growth market for successful businesses.
“In Goodyear’s booming market, the ViaWest spec buildings located in the Goodyear Opportunity Zone, will not only be a cost savings for a new business, but they will create an accelerated time to market, which means a business can be up and running faster providing more jobs for our citizens,” Mayor Georgia Lord said.
“We are excited to see the growth and new developments helping our community build a solid future for years to come.”