Above: The Crossing at Cooley Station. Rendering courtesy of CCBG Architects
By Lucia Morosanu | MultiHousing News
As many companies transitioned to remote work, Phoenix has seen a significant in-migration from residents leaving overpriced metros in California, in search of more affordable alternatives. At the same time, local officials have worked to create a business-friendly environment that has attracted attention from big employers such as Google, Amazon and several life sciences companies.
Phoenix’s multifamily market fared well under the effects of the pandemic and closed 2020 as the best-performing market in terms of transactions. This confidence in the metro was also visible in the pipeline. Last year, roughly 17,800 new units were added to the inventory. There were 116 projects totaling 27,300 units underway in the metro as of February, according to Yardi Matrix data. That’s 8.5 percent of completed inventory, with the top five submarkets accounting for more than half of all construction activity in the metro, at 54 percent. Most of the new communities cater to upscale renters. Here’s a list of the most active submarkets in Phoenix in terms of multifamily development activity.
