You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur. FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU. Call me if you want to sell your property and need an estimated value. Phone / Prefer cell: 520-975-5207
Office: 480-948-5554 or email me walterunger@ccim.net. – What is a CCIM.
In Business and in Life you don’t get what you deserve, you get what you Negotiate.
contact me if you want me to get you the value of your property.
CLICK HERE TO VIEW ALL MY LISTINGS.
Are you ready to sell or purchase your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County and Pinal County, Arizona, please call me?
Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
COSTAR March 9, 2023 |
The Phoenix region is fresh from an unprecedented apartment building boom that peaked in the last quarter of 2022, and recent statistics suggest that the wave of new supply has outrun demand, an imbalance that could become particularly acute in some of the areas most favored by multifamily developers.
Over the course of 2022, Phoenix added more than 16,500 new multifamily units, representing the third-biggest supply increase in the United States, behind only New York and Dallas-Fort Worth. More than 35,000 additional apartments are currently under way, giving Phoenix one of the most aggressive development pipelines in the country.
The substantial construction pipeline is peaking just as rental demand has slowed. High inflation and economic uncertainty are stalling the launch of new renter households, causing Phoenix’s apartment vacancy to rise from a 10-year low of 5.1% in the third quarter of 2021 to 9.3% as of this writing. Meanwhile, annual rent growth has turned negative in every area of the Phoenix region.
The majority of this new construction is being built for luxury apartment communities, which could disproportionately pressure fundamentals among four- and five-star properties. While the underlying demographic and economic tailwinds that have supported the Phoenix apartment market remain in place and will benefit the area over the long-term, conditions could weaken in the next 12 to 24 months as new supply is digested.
From a geographic perspective, builders have been busiest in four particular parts of the Phoenix metropolitan area.
Downtown Phoenix and Tempe have been the primary focus, with about 5,600 units and 4,400 units underway, respectively. These regions boast an attractive quality of life and urban-like amenities with a variety of bars, restaurants and shopping options. As a result, young professionals have gravitated to these areas as they offer some of the only true live-work-play lifestyles in the Valley of the Sun. Additionally, Arizona State University, and the nearly 55,000 students enrolled at its main campus, supplies Tempe with a steady base of renters.
The eastern part of Phoenix has also seen a big surge of new development. The East Valley, Chandler and Gilbert have a combined 7,800 units underway. The highly diversified employment base in this sprawling suburb sustains median household incomes that trend above the rest of greater Phoenix, encouraging the construction of high-end luxury product.
Phoenix’s rapidly growing west-side suburbs have been a target for development too. The North West Valley and South West Valley areas have more than 6,600 rentals under construction, cumulatively. The major population centers of Goodyear, Tolleson, Surprise and Glendale have seen tremendous growth over the past decade, driven by relative housing affordability and the West Valley’s growing role in national supply chains.
An emerging asset class — single-family build-to-rent properties — has driven much of the West Valley’s growth over the past few years. These properties combine the amenities of a single-family home with the convenience of apartment rentals. CoStar has tracked the completion of more than 3,600 single-family rental units in the West Valley since 2019 and another 1,300 of these units are underway.
FROM ME: FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. Now is the time, if you are thinking of selling or purchasing your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County, Pinal County, Arizona / Office / Retail / Industrial / Multi-family / please call me on my cell 520-975-5207 or e-mail me walterunger@ccim.net. Investors and Owner / Users need to really know the market today before making a move. The market has a lot of moving parts. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands your needs. I am marketing my listings on Costar, Loop-net, CCIM, CREXi, Catylist, and various other web sites. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international
DISCOVER WHAT IS HAPPENING IN ARIZONA
History of Arizona from 900 BC – 2017 -Timeline.
What is a CCIM. In Business and in Life you don’t get what you deserve, you get what you Negotiate.
contact me if you want the me to get you the value of your property.
Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
Click here to find out what is a CCIM:
CLICK HERE TO VIEW ALL MY LISTINGS.
Are you ready to sell or purchase your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County and Pinal County, Arizona, please call me?
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
History of Arizona from 900 BC – 2017 -Timeline.
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU PLEASE CALL ME
CLICK HERE TO VIEW ALL MY LISTINGS.
Also Call me if you need an estimated value of your Property.
Call me if you want to see a map with what is in the Construction Pipeline for Apartments.
Prefer cell: 520-975-5207, or email me walterunger@ccim.net. CLICK HERE TO VIEW ALL MY LISTINGS.
Check out my professional profile and connect with me on LinkedIn.
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
Reasons to Consider me for Commercial Referrals
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