As one of the best-performing commercial real estate markets in the Sun Belt, Phoenix continues to attract investors from across the country. 

The city’s multifamily market saw record property sale values from 2021 to 2023, averaging $11.3B annually — a 72% increase from 2017 to 2019. 

Similarly, transaction volume in its industrial market exceeded $4.2B from 2021 to 2023, representing a 93% hike from 2017 to 2019. Private investors accounted for the vast majority of these transactions, said Brian Smuckler, senior managing director at JLL. 

Smuckler said private capital will continue to play a consequential role in Phoenix’s CRE market in the next year, with competitive offers leading to those investors acquiring deals across many asset classes and price tiers.

“Private capital, whether it’s a family office, high net worth individuals or private investors, has the ability to move more quickly in today’s market,” he said.