Thousands of New Downtown Phoenix Apartments are Coming to ‘Weird Market’

Article originally posted on Phoenix Business Journal on March 13, 2024

About 2,400 apartment units are under construction in downtown Phoenix, putting the submarket in danger of being overbuilt.

Developers have been ramping up apartment construction throughout Phoenix for the past several years, which is causing real estate experts such as Peter O’Neil, research director for Northmarq, to expect a peak in new rental construction in 2024.

“As far as the potential for overbuilding is concerned, I think that is a valid concern in downtown, just like it’s a legitimate concern in nearly all of the submarkets in the Phoenix area at least in the near term,” O’Neil said.

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