If nothing else, people who care about commercial real estate in greater Phoenix can take cold comfort in this: the worst is probably over.
But Karl Guntermann, professor of real estate at the W. P. Carey School and author of the ASU-Repeat Sales Indices (ASU-RSI), cautions that renewed good times -- including lower vacancy rates and rising property prices -- are probably several years away. In commercial real estate, Phoenix isn't skipping toward another boom but rather crawling back to normalcy.
