Most of the time we hear how important China is becoming; how the reemergence of Russia is going to affect the US; and of course all the dramatic stories of the meltdowns of Greece and now Puerto Rico. I always try to wrap my head around how these developments will play out in my backyard (Metro Phoenix) and in our business of leasing or selling office space.
Below is a cool graph that shows the worth of US companies and compares them to countries’ entire emerging market stock indices.
–Intel is worth as much as Russia (Intel has invested over $20 Billion in Arizona since 1979 http://www.chandleraz.gov/content/Intel_inArizona.pdf )
–Expedia is worth more than Greece (Expedia is growing in Arizona, they have jobs open and are hiring)
–Wells Fargo is about the same as India (Wells is the 5th largest employer in Arizona with over 15,000 employees)
I am not trying to be myopic or an isolationist, rather I want to know where my bread gets buttered. For me and commercial real estate in Arizona, it’s companies like these who do the buttering.