Apartment Market and Sales Insights
Prompted by increasing AI-demand, TSMC recently announced plans to accelerate its capacity by acquiring more nearby land in north Phoenix. This will be in addition to their “gigafab” cluster, $165 billion microchip facility. TSMC is the largest direct foreign investment ever in the US. Surrounding the TSMC facility is the 2,300 acre, $7 billion Halo Vista planned development project. Add to this, three months ago Softbank announced the proposed “Project Crystal Land”, a $1 trillion AI and robotics hub – likely in the vicinity of TSMC.
These staggering investment dollars, plus other major projects in the Valley, will have a huge impact on the entire Phoenix economy. Money attracts money and this is likely just the start of many more investments. Part of this impact will be an obvious increase in all levels of JOBS, creating a jump in population and a strong demand on housing. This will result in apartment rental rates and values seeing a strong increase – not just for class “A”, but also the “B” and “C” class properties.