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Phoenix Multifamily Demand Trails Other SW Cities

PHOENIX-The latest multifamily report has Phoenix lagging behind its southwestern counterparts of Tucson, Las Vegas and Albuquerque. Despite negative absorption of 1,451 units, another 2,583 apartments got under way in Q2, says Hendricks & Partners.

By D.J. Burrough | Updated on August 29, 2001

PHOENIX-While apartment demand was up in Tucson, Las Vegas and Albuquerque, it dropped off in Phoenix, according to a new survey by Hendricks & Partners of Phoenix.

Phoenix experienced negative absorption of 1,451 units in the second quarter, down from the first quarter’s positive absorption of 242 units, says the multifamily brokerage and research firm. “A slowdown in the local economy, coupled with Phoenix’s historical summer slowdown in demand, sent absorption into negative territory,” says Don Hendricks, president and CEO.

The negative absorption was compounded by an increase in construction. The number of new units started in the second quarter was 2,583 units, up from 1,958 posted in the second quarter a year ago.

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