Category Archives: Multifamily News & Trends

Valuable expert-provided insight for investors of multifamily property located within the Phoenix market.

JLL’s Chief Economist shares his view on today’s U.S. economy and its impact on Phoenix

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JLL Chief Economist Ryan Severino recently visited Phoenix to present his views on today’s U.S. economy and the impact national conditions may have on the Phoenix commercial real estate market. Here are his top 4 takeaways.

1.Goldilocks economy should continue, with the potential for upside depending upon policy.

Global growth continues to accelerate… Read More

Phoenix multifamily led secondary market activity in Q2 2017

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Optima Kierland

The significant decline of transactions in primary markets has sustained strong liquidity in secondary and even tertiary markets. As a result, secondary markets comprised 44.6 percent of total multifamily transaction volumes at midyear, a record for this indicator if analyzing the past nearly two decades. Phoenix and Denver led… Read More

Deadlines to appeal property taxes is fast approaching

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As the real estate market continues to appreciate in value, commercial real estate owners are advised to review and, if prudent, appeal property tax assessments. Counties in Arizona, Utah and California have or will be issuing assessment notices and hearing appeals in the fall providing an opportunity for commercial… Read More

Arizona tourism generates record $21.2 billion in 2016

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In 2016, approximately 43 million people visited Arizona spending a record $21.2 billion in the state. The Phoenix MSA accounted for more than 65.5 percent, or $13.9 billion, of all spending in Arizona. With an estimated Gross Domestic Product of $9.2 billion, tourism is the number one export industry in the state.

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Phoenix unemployment rate reaches 10-year low

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Total non-farm employment in Metro Phoenix reached 2,023,400 payrolls in April 2017, representing an annualized increase of 48,800 jobs. As a result, unemployment was reported at 3.9 percent in April, down 60 basis points from one year prior. This is the lowest unemployment rate we’ve seen in Metro Phoenix in ten years.

Job growth was led by the Leisure & Hospitality and Financial Activities sectors, which added 14,700 jobs and 8,800 jobs, respectively.… Read More

Maricopa County has the highest annual population growth in the United States

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Maricopa County grew by 81,360 residents between July 1, 2015 and July 1, 2016, the largest population gain in the nation. Harris County, Texas, had the second-largest net migration, growing by 56,587 people over the same time period.

The city of Phoenix added approximately 32,113 residents over the same time… Read More

Phoenix is one of the fastest-growing metropolitan areas in the U.S.

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Phoenix’s population rose from nearly 4.2 million to more than 4.6 million from 2010 to 2016 based on new population estimates released by the U.S. Census Bureau. Metro Phoenix averaged a total net increase of over 1,436 persons per week over that time period.

Of the top ten metro areas… Read More

Phoenix identified as a top 30 city for global real estate investment

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The latest edition of JLL’s Investment Intensity Index has Phoenix making the cut. The “Valley of the Sun” took the 27th spot on the top 30 list for global real estate investment intensity.

High-tech and innovation helped Phoenix rise on the prestigious list, which included several small to midsized “New World Cities” with similar population levels (1… Read More

Phoenix has the lowest cost of congestion among top 25 U.S. cities

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According to INRIX Global Traffic Scorecard, traffic congestion cost drivers in the United States nearly $300 billion in 2016, or an average of $1,400 per driver. Phoenix and Detroit tied for the lowest cost… Read More

Phoenix one of six West region markets to drive multifamily rent growth

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Kitchen and living room of loft apartment

As multifamily rent growth begins to slow among the nation’s biggest markets, a few markets are maintaining their strong performance and driving positive trends over the forecast horizon. Phoenix is one such market in the West region that is expected to outperform due… Read More