Phoenix’s diverse industry, incredible job growth, and robust population growth have garnered the attention of large private, institutional, and foreign buyers. The number of companies moving to Phoenix is incredible, and the diversification of industries has positioned the market as a long-term, stable investment. Phoenix has become one of the top markets in the nation for investment volume, ahead of core markets such as New York and Los Angeles. Sales volume reached an all-time high in 2021 and ranked second in the U.S., behind Atlanta. Rents have grown at a record-breaking pace and are the highest in the nation. Construction is at elevated levels, but vacancies and demand remain unaffected. Phoenix’s demand drivers have strengthened as people typically target the Valley of the Sun for employment opportunities and a low cost of living.