Report: Phoenix multifamily market marks stellar first quarter

 

Clarendon Park is located near Third Avenue and Indian School Road in Phoenix, offering studio, one and two-bedroom apartments. /Photo courtesy of Cushman & Wakefield

AZRE

The Phoenix metropolitan statistical area (MSA) multifamily market had another stellar first quarter fueled by both robust jobs and population growth. In fact, Maricopa overtook Texas’ Harris County as top spot for population growth adding 81,000 people, an average of 222 new residents per day, between July 1, 2105 to July 1, 2016. Total nonfarm employment grew by 2.7 percent led by the leisure/hospitality (+6.2 percent), financial activities (+6.1 percent), and education/ health services (+2.9 percent) industries.

Major job/economic announcements for Phoenix such as Intel’s plans to invest $7 billion into its Chandler manufacturing plant and hire 3,000+ over the next several years have been announced in recent months. Other 2016 thru First Quarter announcements include: JPMorgan Chase’s plan to build a new regional office hub at Tempe’s Discovery Business Campus which will house up to 4,000 employees, ADP’s new Tempe office to bring 1,500 jobs, Santander Consumer USA’s regional operations center in Mesa’s Fiesta District set to bring 1,000+ jobs, Orbital ATK’s Chandler expansion with 500 new jobs, Clearlink’s expansion into Downtown Scottsdale with 500+ jobs, Rogers Corp (NYSE: ROG) global HQ move to Chandler and Kudelski Group’s international HQ move to Phoenix just to name a few.

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