Strong Job Growth Will Continue To Drive Phoenix Development
Jobs are coming to Phoenix, and so are the people to fill them, which is always good for the pace of development, especially multifamily. That's why we're excited to present Bisnow's Phoenix Construction & Development event March 10 at One Arizona Center.
Lennar division president Scott Johnson, who will be a speaker, tells us he remains optimistic about the near- and mid-term outlook for multifamily development in the Phoenix metro area. "The last 12 months have seen a tremendous increase in jobs, resulting in a total employment base that's now above pre-recession highs."
These jobs are coming from a diversity of industry sectors, pointing to a very stable underlying economy, Scott adds. "With two years of home-price appreciation in core locations resulting in less affordability, a desire for more flexibility in housing, and a Millennial propensity to rent—all combined with the great job story—we see a steady need for more Class-A multifamily in the Valley." Late last year, Lennar broke ground on The Muse (pictured), a 367-unit development next to Arizona Opera and across from the Phoenix Art Museum.
Crescent Communities regional director Scott Makee, who'll also be a speaker, tells us there's still a lot of opportunity left and "we’re continuing to look for great new locations with a lifestyle story to tell. The Phoenix area has exhibited strong employment growth and a shift to an acceptance of urbanism." Scott's snapped to the left of colleagues Jim Cauley and Beau Terhaar.
Scott says Crescent is looking at development plans in well-established and up-and-coming submarkets, and they're building forms, construction types and mixes of uses not seen in prior cycles in this market. "It’s exciting to watch the Valley grow up into an urbanist city, and we’re happy to be a part of it now and into the future." Pictured: Crescent's 275-unit Crescent Scottsdale Quarter.