“Multifamily demand has remained steady, in part because people have lost their homes. We ordinarily build 5,000 units per year but we haven't hit that number since 2007,” says O'Neil. “Vacancy is low, demand is a little lower, but you are seeing some select areas where demand is high, where rents are higher—along the major employment corridors.”

Mulhern says large projects like State Farm moving into the Southeast Valley will create demand and focus on harnessing intellectual capital workers will spurr even more multifamily growth.

Sales activity involving parcels for industrial and other commercial uses accelerated in the second half of 2013 in response to strengthening demand for office and retail space.

“Industrial has been through lots of cycles in a short time frame and that's prompted some spec construction,” says O'Neil. “You're seeing a lot of built-to-suits.”

While sales activity levels for land parcels were mixed in 2013, prices pushed higher across the board. Current market fundamentals are improved over recent years and the outlook has brightened. Additional volatility surrounding activity levels is likely, as demand for new homes and commercial real estate has been uneven.

“Land demand has accelerated,” says O'Neil. “But not as quickly as in past recoveries, and frankly, I think that's a good sign.