Construction Rebirth as Out-of-State Developers Focus on Phoenix
Arizona real estate brokers report that a queue of developers from across the state line are determined to build in 2021. The year is already off to a good start with several big projects under way and brokerages are optimistic as developers are regularly inquiring about new market opportunities in the Valley of the Sun.
“There is a quality of life that Phoenix brings to the table and it's obviously no secret,” says Mike Sutton, a principal at brokerage firm Lee & Associates. He continues, “even through the pandemic, the strength of the multifamily market fueled by increasing immigration numbers from our neighboring westerly states and elsewhere keep the pricing and market strong.”
Sutton says of commercial builds, "new ground up projects that are solely focused on office or hotel will be slower to come but we believe they will rebound and be stronger than ever once the air clears.”
As construction begins to soar again in America's fifth most populous city, all signs point to a profitable 2021.
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