X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The Phoenix apartment market is officially on fire. In the first half of the year, sales volumes for multifamily communities with 100-plus units increased 20% and represented $3.02 billion in total investment activity, according to research from CBRE that GlobeSt.com has seen exclusively. The investment activity is the capital recognition of significant population and job growth Phoenix has been experiencing for the last several years.

“It is all about the fundamentals. Phoenix sits at the top of almost every major economic indicator,” Matt Pesch, EVP in CBRE Phoenix multifamily institutional Properties group, tells GlobeSt.com. “In population growth and job growth, Phoenix not only leads but leads by a large margin. That translates into pretty robust demand. Then, on the supply side, there is a huge under supply story going on where we are not building enough housing for the demand that is being created. The result has been significant rent growth.”

Kelsi Maree Borland

Kelsi Borland is a freelance writer and editor living whose work has appeared in such publications as Travel + Leisure, Angeleno and Riviera Orange County.

More from this author

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.