ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the release of the Phoenix MSA’s Year End 2015 Construction Pipeline Report.
The Construction Pipeline Report, released quarterly, provides information on all multifamily construction activity, 50+ unit properties, throughout the greater MSA.
“2015 was truly a remarkable year for the Phoenix Metro multifamily market not only from a construction standpoint, but also sales volume, which for multifamily, crested $3.8 billion,” states Thomas M. Brophy, Director of Research at ABI. “Although total 2015 deliveries, 4,661 units across 19 projects, trended below the 20-year running average of 5,230 unit deliveries per year, developers became more aggressive in construction starts which resulted in over 14,000 units actively under construction at year end.”
Mr. Brophy goes on to state, “current Under Construction product, as evidenced on the Under Construction Map (pg. 6 of the report) has been primarily focused in the Downtown Phoenix, South Scottsdale and North Tempe Submarkets. It should be noted that all three submarkets have witnessed increased population amounts, increasing 5%+ since 2010 in most cases, and have seen billions in private/public investment, most notably Valley Metro Light Rail in regards to Downtown Phoenix and North Tempe.”
To read the report and to view the interactive Construction Pipeline Map please go to http://abimultifamily.com/abinsight-abi-multifamily-phoenix-msa-construction-pipeline-ye-2015/