By Roland Murphy for Arizona Builder’s Exchange
Brokerage and market advisory leader ABI Multifamily’s Year End Construction Pipeline Report shows a smaller number of units completed last year versus the 20-year average, but an aggressive pace in starts shows significant promise for 2016.
The report lists 4,661 units delivered at 19 projects in the Phoenix Metropolitan Statistical Area during 2015. The 20-year average is 5,230. However, developer’s ambitious planning and implementation led to more than 14,000 units under construction for 60 properties at year’s end. Nearly 19,000 additional units are planned at 72 properties.
“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,” according to ABI Director of Research Thomas M. Brophy.
The figures mark a massive market improvement over the market’s bottoming in 2011, which showed only 615 units delivered for the entire year.