“In 2003 Phoenix housing affordability was equal to Dallas. Today Phoenix housing affordability is equal to Boston…”
The guru of Arizona economics Elliot Pollack said, “The worst in the housing market is yet to occur.”
Pollack said the metro area could grow by 120,000 to 130,000 people this year, and while job growth is slowing, it remains strong — from 100,000 new jobs in 2005 to 80,000 last year and a likely will 60,000 this year.
“The multifamily outlook is excellent,” he added, because vacancy rates are low and rents are up and continuing to increase. “Industrial space is at its lowest vacancy rate ever” pushing rent increases — an indicator of a healthy market, he said.
Both economists in this Phoenix Business Journal article had a lotta love for Phoenix office and industrial real estate.