Favorable demographics and lively activity continues to spur multifamily activity in Downtown Phoenix
Before ASU's expansion into Downtown Phoenix in 2006, the Phoenix’s urban core held lackluster energy and little to experience outside of sporting events and evening dining.
Before ASU's expansion into Downtown Phoenix in 2006, the Phoenix’s urban core held lackluster energy and little to experience outside of sporting events and evening dining. Since then, ASU’s Downtown enrollment has grown by 239% to 11,465 students, creating the need for entertainment and high-quality livable space.
This trend is flowing towards young professionals as well, with residents in the 25-34 age range seeing an 80 basis point increase since 2010, and ages 15-24 seeing a 90 basis point decrease since 2010. Downtown also expects 2.6 percent of overall, annual population growth each year for the next five years, compared to Phoenix overall’s projected 1.6 percent per year for the next five years.
Consequently, Downtown’s multifamily activity has seen an enormous jump in recent years, specifically in class A and B developments. These projects aim to buttress the “live, work, play” potential of Downtown, offering top of line amenities with extensive fitness centers, common areas and ground floor retail space geared towards grooming and dining.
Notable class A developments include 257 units at The Link Phoenix delivering late 2019, 310 units at The Stewart delivering early 2019, and 330 units at Block 23 delivering early 2019.
Source: JLL Research, Costar, ESRI