Phoenix Multifamily Demand Rushes Back in Q3

The Phoenix multifamily market has completely rebounded following a halt in activity in the middle of the year. ABI Multifamily closed 12 apartment deals in October alone in the market. The activity is a sign of renewed confidence in the market.

“The first quarter and the fourth quarter are making up for the horrible second and third quarters,” John Kobierowski, senior managing director of ABI Multifamily, tells GlobeSt.com. “The first quarter was going gangbusters, and we were telling our brokers to pace themselves because we had people working too much. There was just so much activity in the Phoenix market. Then COVID hit and everything stopped. In July, we started seeing some of those buyers start to become active again, and any one that was smart enough to go back under contract in July got a great deal. Certainly, we started to see a slow uptick in activity from July through October, by October we were busy again.”