Phoenix is the sixth-most active real estate market in the United States, according to a new report from StorageCafe. Ample residential, industrial and commercial construction makes the Southwest city a hub for real estate development, beat out by only Texas cities.
The 100 largest U.S. cities were ranked based on inventory expansion in six categories during the time period from 2013 to 2022: single-family permits, multifamily permits, office space, industrial space, retail space and self-storage space.
Phoenix ranked especially high in residential and industrial construction, with 32,400 new home permits and 49,000 apartment permits granted in the past decade. Residential construction has only grown in Phoenix over the past decade, with the best year for multifamily construction occurring in 2022 and the best year for single-family construction occurring in 2021.
The city also added 30 million square feet of industrial space over the past decade — the fourth-highest amount in the nation.
Here are some Phoenix statistics from StorageCafe’s report:
Single-family permits: 32,359 (No. 7 overall)
Multifamily permits: 49,019 (No. 11 overall)
Office space: 4,269,918 square feet (No. 32 overall)
Industrial space: 29,644,588 square feet (No. 4 overall)
Retail space: 2,626,141 square feet (No. 23 overall)
Self-storage space: 4,350,216 square feet (No. 5 overall)