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Phoenix, AZ | 2016 Top #CRE Markets to Watch: Multifamily

SVNIC’s 2016 Market Outlook Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2016. Today we are delving into the 2016 Top Multifamily Markets to Watch. Not the largest or the most actively contested markets, the 2016 Multifamily Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Multifamily Market to Watch: Phoenix, AZ

Phoenix - top multifamily market to watchPhoenix experienced significant gains in overall employment in 2015 that moved the number of jobs significantly above pre-recession peaks as unemployment fell to 4.6% in January ‘16 with continued annualized employment gains of 3.6%. The population grew by 6.2% from 2010 to 2014, according to the Census Bureau, helping to fuel new demand for apartment units. The city utilizes approximately 46% of its housing units as rentals and has relative affordability with high quality of life making the market a prime one to grow in 2016 and beyond, with rents expected to grow over 5% this year. The leading employment sectors are Information, Construction, Financial Activities, Education and Health Services, and Professional and Business Services, growing at annualized rates of 7.6%, 6.3%, 5.3%, 5.2%, and 5.1%, respectively.

Stay Updated…

Over the next few weeks, the SVN Blog will be featuring posts that will focus on each of the top markets to watch for industrial, multifamily, office, and retail properties. SVN Advisors from selected top markets have provided their industry expertise regarding what to look out for in their specific market in the coming months. Don’t miss out on these important insights – subscribe to the SVN Blog on the right side of the blog homepage.

To read more on other top multifamily markets, download the full version of the 2016 Multifamily Market Outlook report here.

2016 Multifamily Market Outlook

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Phoenix, AZ | 2015 Top #CRE Markets to Watch: Multifamily

Sperry Van Ness International Corporation’s (SVNIC) 2015 Market Update Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2015. Today we are delving into the 2015 Top Multifamily Markets to Watch. Not the largest or the most actively contested markets, the 2015 Multifamily Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.

Top Multifamily Market to Watch: Phoenix, AZ

Phoenix: 2015 Multifamily Markets to WatchThe glut of foreclosed single-family homes now available for rent in the suburban submarkets of Phoenix has not weighed significantly on the downtown apartment scene. Reflecting the depth of the local market’s economic downturn and the challenging path to recovery, however, asking rent growth in Phoenix had been relatively slower than in gateway and other primary markets. The dynamic changed over the last year and a half as vacancy rates fell below 5% and rent growth kicked into high gear, rising nearly 7% in 2014 and at an annualized rate of 7.2% in the first quarter of 2015. The outlook for Phoenix over the next year remains bright, given a limited pipeline of new apartments and healthy job growth.

As cap rates for the best-performing assets have fallen to cyclical lows, developers in the area have more readily snapped up value-add opportunities in urban in-fill locations. Given their relatively high cap rates, property makeovers may offer a compelling buy for investors, provided they have strong operational capabilities.

To read more on Phoenix and other top multifamily markets, download the full version of the 2015 Multifamily Market Update report here.

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It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisors with more than 180 locations in 200 markets.

Phoenix, AZ | 2014 Top CRE Markets to Watch : Retail

Sperry Van Ness International Corporation’s (SVNIC) 2014 Top Markets to Watch Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2014. Today we are delving into the 2014 Top Retail Markets to Watch. Not the largest or the most actively contested markets, the 2014 Retail Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that are driving the economy and commercial real estate performance in markets across the country.

TOP RETAIL MARKET TO WATCH : Phoenix, Arizona

phoenix-lake-489023_1280Phoenix’s jobless rate fell to 6.2 percent at the end of 2013 from 6.8 percent a year earlier, driven by gains in financial services, construction, insurance and healthcare jobs. Already one of the fastest-growing cities in the nation, Phoenix will see its population expand by more than 2.4 percent in 2014, with a commensurate rise in retail sales and even greater demand for retail space. Overall vacancy fell to near 10 percent in late 2013 in a year when retailers absorbed approximately 3.5 million square feet of new retail space, far outpacing construction that added roughly 1.5 million square feet to the market in that period. Three years of positive absorption will likely bring rental rates to an inflection point in 2014, ending a protracted decline as landlords gain greater pricing control. Already a strong market for discount and necessity retailers, Phoenix’s growth in high-paying professions will fuel sales for middle- and high-end retailers in the years ahead.

To read more on Phoenix, and other top retail markets, download the full version of the Top Retail Markets to Watch report below. 

It’s a different world out there.

It requires a different kind of commercial real estate firm working on your behalf in order to be successful. The Lipsey Company has ranked the Sperry Van Ness® organization as one of the most recognized commercial real estate brands in the US for a reason—we know how to deliver a certainty of execution for our clients. Sperry Van Ness International Corporation is one of the largest commercial real estate franchisers with more than 180 locations in 200 markets.

Download the Top Trends and Markets to Watch Reports

Chandan-Retail-CoverRetail Trends and Markets to Watch

Commerical Real Estate Trends and Markets to Watch

Apartment Trends and Markets to Watch

Office Trends and Markets to Watch

Industrial Trends and Markets to Watch

 

 

5 for Friday with Rommie Mojahed with Sperry Van Ness, LLC

This week, our 5 for Friday features Rommie Mojahed, Director of Leasing at Sperry Van Ness, LLC in Phoenix, Arizona.

1. What is your geographic market and product specialty?

Rommie Mojahed | Director of Leasing | Sperry Van Ness, LLC
Rommie Mojahed | Director of Leasing | Sperry Van Ness, LLC

The market I work within is the Phoenix MSA. Retail is my speciality with a background  in retail tenant representation, pre-leasing, leasing, and land research and acquisition for development opportunities.

2. What’s your latest best practice tip that you can share?

My number one tip for all commercial real estate professionals is that when you get a call from a buyer, seller, landlord or tenant — Make sure to schedule a face-to-face meeting.  I have always found that you win more business by taking the time to meet, shake hands and discuss any and all CRE needs in person.

3. What’s been the biggest change over on how you run your business in the past decade?

For me, it has been qualifying my clients upfront.  Any CRE professional knows that we only have so much time in one day, and by taking the time to qualify clients first it allows me to focus on those deals that are actual and attainable.

4. What business book do you like to recommend to your colleagues?

Think and Grow Rich,” by Napoleon Hill.  Although it was written back in 1937, the ideas and concepts are still inspiring and true in today’s world.

5. What’s a fun fact that not everyone knows about you?

I love to ride motocross.

*All Sperry Van Ness offices are independently owned and operated.

5 For Friday with Justin Horwitz of Sperry Van Ness, LLC

This week’s 5 for Friday features Justin Horwitz, Senior Advisor, Sperry Van Ness, LLC in Phoenix, AZ.

Justin Horwitz, Senior Advisor with Sperry Van Ness, LLC
Justin Horwitz, Senior Advisor with Sperry Van Ness, LLC

1. What is your geographic market and product specialty? 

I exclusively focus on office and industrial properties in the metro Phoenix market.

2. What’s your latest best practice tip that you can share?

I have been utilizing post cards much more than in the past to reach out to owners and market myself and my team. Additionally, I have made it a point to actually drive to more properties to familiarize myself even more with my market in addition to cold calls from the desk.

3. What’s been the biggest changeover on how you run your business in the past decade?

Being in the business for just over eight years now, my biggest adjustment has been transitioning my role as a junior agent into a leader that is more vocal about how the team operates.

4. What business book do you like to recommend to your colleagues?

Neil Sherman in my office recently encouraged me to read Value Added, Successful Strategies for Listing & Selling Investment Real Estate, a book written by a previous Sperry Van Ness advisor, Brad Umansky. It is a great book if you are looking to simply get back to the basics.

5. What’s a fun fact that not everyone knows about you? 

I began working in the business directly out of college. Commercial Real Estate is my first and hopefully my last career.

 

*All Sperry Van Ness® offices are independently owned and operated.