PHOENIX — Downtown Phoenix is expected to see a rise in employment and an increased demand for commercial space in the next five years, according to a new report.
The city's downtown core added substantial growth in residents and commercial development — as well as an estimated $21.1 billion in overall economic impact in 2022, demonstrating ongoing activity from residents, workers and businesses despite a slowdown during the COVID-19 pandemic.
Downtown Phoenix Inc. worked with Tempe-based Rounds Consulting Group Inc. to produce the economic impact study of the downtown area. A similar report was produced five years earlier.
The central Phoenix core houses a variety of major business sectors such as higher education, technology and biosciences and also features an entertainment hub with major sport, event and music venues sprinkled with hospitality and retail.
