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Maricopa County population growth tops nation

• Maricopa County topped the country in population growth with an increase of 73,650 people, or 1.7 percent over the last year, with Clark County, Texas coming in second with 47,650 people added. 

• With the population exceeding 4.3 million people, the need for commercial real estate space continues to grow.  The Phoenix office market currently has 2.4 million square feet under construction, with an estimated 1.7 million square feet planning to deliver throughout the next 18 months. The demand for office space will increase along with the number of desks in an office as tenants search the market for space. Industrial products is also gearing up with over 5.9 million square feet in under construction product needed to supply a growing market of this size.

• Investors may continue to look at Phoenix as an attractive investment opportunity given the strong macro trends, and rapidly growing population. With yields compressing in coastal markets, even more activity can be driven towards Phoenix in attempt to take advantage of the growing population and educated labor force. 

Source: JLL Research

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