November 17, 2024 9:25 am
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Multi-family market pumps life into state’s CRE industry

Multi-family market
Multi-family market
Apartments in Mesa

AZRE

The slowly recovering economy is revitalizing the multi-family market in Arizona, restoring the industry to robust health.

Rents are up, vacancies down, and, unlike most commercial real estate segments, any mid-level or upscale apartment property that hits the market attracts scores of investors hoping to make a deal.

After peaking at an alarming 15% in 2008, apartment unit vacancies in Metro Phoenix slipped to 9.7% at the end of 2010, says Marc Huisken, Cassidy Turley BRE Commercial senior vice president for the Multi Housing Investment Group.

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