Phoenix is currently the sixth-most active real estate market in the U.S., according to recent research from StorageCafe.
The report shows that Phoenix is one of the top cities leading national construction over the last decade with development soaring across all sectors of real estate, including residential, commercial and industrial projects, which have helped support the city’s increased growth.
To determine the most active U.S. real estate markets in the past decade, StorageCafe analyzed data for new construction between 2013 and 2022 in the single family, multifamily, self-storage, office, retail and industrial sectors for the country’s 100 largest-populated cities.
Phoenix demonstrated a thriving industrial sector that put it ahead of most other urban areas due to its high amount of new supply with almost 30 million square-feet of industrial space constructed between 2013 and 2022—the fourth largest amount for new industrial space in the nation.
In the self-storage sector, Phoenix ranked fifth among the 100 largest cities with over 4.3 million square-feet of new storage space added to the local inventory in the last decade. The year 2019 marked a notable milestone for self storage as new deliveries peaked at 955,000 square-feet.
Phoenix also saw tremendous activity in the residential sector due to the huge influx of new residents. In response to the city’s large residential growth, more than 32,000 building permits have been issued for single family homes, while 49,000 have been issued for multifamily units from 2013 and 2022. Multifamily construction in Phoenix skyrocketed in 2022, reaching a record number of over 10,000 multifamily units permitted that year.
The retail and office sector in Phoenix has also been strong with 2.6 million square feet of new retail space added and 4.3 million square feet of office space constructed between 2013 and 2022.
Read the full report here.