Phoenix downtown denizens, you’ve likely noticed the construction cranes.
As noted in a recent Phoenix Business Journal article discussing metro commercial real estate, those building behemoths are centrally focused on one primary task, namely this: assisting workers involved in an ambitious development that will result in high numbers of residential rental units being added in areas across Maricopa County.
Cities across a broad swath of Arizona, notes the Journal, “are slated to see thousands of new apartments [and condominiums] hit the market over the next three years.”
Is that good news or a potential problem that will be marked by a property glut?
Evidence seemingly points more toward the former scenario, with one realty expert noting that “Phoenix’s fundamentals are strong compared to alternative markets.”
Indeed, a rapid and material building expansion could be a very positive development for the Phoenix metro area.
And it could be a manifestly logical undertaking, as well, based on research that has closely considered attendant factors.
One of those relates to business realities, with the Journal specifically citing “demographic trends of employers locating operations where there are younger workers.”
Phoenix has plenty of those, with a large pool of ready labor also being highly trained and educated. Additionally, the downtown area offers many compelling amenities, as well as light rail, that should readily appeal to many would-be renters.
Projected numbers on new construction indicate that persons on the lookout for new digs will have an impressive array of possibilities to consider. Construction is steadily ongoing, and more than 11,000 apartments have been constructed in the local market within the past two years.
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