Phoenix Multifamily and Mixed Use Boom Recap
December 6th, 2017 / Phoenix
The Phoenix market has historically been known to be dominated by single-family home builders but according to the speakers at Bisnow’s recent Phoenix Multifamily and Mixed-Use event, the multifamily cycle is now one of the strongest since at least the 1980s. Polaris Pacific Vice President and Regional Manager Mike Akerly joined local real estate panelists at the event to discuss the uptick in local developers interested in building multifamily and mixed-use projects. According to panelists, perceptions about homebuying have changed following the traumatic recession and more millennials aren’t buying but rather renting in urban buildings.
Even so, Mr. Akerly noted Polaris is seeing a strong demand for condos in Phoenix. He stated the two demographics driving the trend are baby boomers seeking to downsize and millennials looking for a first purchase in a more social and walkable environment. Experts went on to say there are challenges to doing mixed-use projects in Phoenix, but the rewards make it worth the effort due to the strong interest. Even more, the potential for additional growth in mixed-use is certainly there due to the expanding light rail system and city’s sports facilities.