A 26-story apartment tower is beginning construction in downtown Phoenix, the latest project for a New York-based development firm with a focus on art and architecture. The project, called Ray Phoenix, is a joint venture between development firm Ray and VeLa Development
Phoenix surpassed Dallas-Fort Worth early this year as the nation’s leader in industrial construction, and this lead is holding firm going into the second quarter, even after several months of slow construction starts and high levels of completions in both markets. With some of the
Cushman & Wakefield’s analysis of the U.S. Census Bureau’s latest data highlights key trends affecting commercial real estate with some notable surprises and new patterns emerging. Of note, the Phoenix-Mesa-Chandler Metro ranked No. 14 of every major market (population
When a carton of a dozen eggs, which is a staple in most Arizonan’s refrigerators, can cost up to six dollars at the grocery store, many people are eager to make the switch to a more affordable option. For more and more Arizona residents, Aldi is that option. The grocery store chain
US Fed chair Jerome Powell has signaled a delay in expected interest rate cuts. He said the Fed needs more time to be confident that its fight against inflation is working. An analyst suggests excess money, a result of pandemic-era policies, may be drained from the economy this year
Total retail sales increased in March, with experts noting increased spending amid easing inflation. According to the CNBC/National Retail Federation (NRF) Retail Monitor, total retail sales, excluding automobiles and gasoline, were up 0.36% seasonally adjusted month-over-month
Multifamily metrics including going-in cap rates, exit cap rates and unlevered IRR targets for prime assets showed slight improvement in the first quarter, the first such uptick since the Federal Reserve began raising interest rates in early 2022, CBRE reported. The positive spread
New York City-based Blackstone Inc. (NYSE: BX) has scooped up several large industrial buildings in Phoenix. Blackstone paid $87 million in all cash for a 536,740-square-foot portfolio of warehouses across four individual sales and five buildings, according to Maricopa County
In the early months of 2024, apartment demand more than doubled, putting it well above the decade average, according to a new report from RealPage. “We might be in for a banner year for absorption,” the firm’s analyst Kim O’Brien said in the report. But truly, RealPage said
Home prices are reaching for the stars across the country. And Arizona isn’t simply riding this wave — it’s at the helm. Seven Metro Phoenix cities are among the Top 25 cities that have seen home prices double the fastest. We looked at the largest U.S. cities to see where home
While the rest of the nation’s industrial market takes a breather, Phoenix has nearly 41.6 million square feet of active industrial construction projects, accounting for 10.9% of the national total, as revealed by LGE Design Build’s newly released Q2 Construction Delivery Outlook report
About 240 acres is being set up for a sprawling industrial and manufacturing campus in Queen Creek. Located east of Phoenix, the large property is currently operating as a plant nursery at the southeast corner of Crismon and Germann roads. The longtime property owner and
Cranes scattered across a city’s skyline can be eyesores that distract from a city’s beauty and can even pose as threats to construction workers and pedestrians. However, cranes can also be seen as a visible symbol of a city’s growing economy and thriving infrastructural
Two affordable housing projects, including one aimed at older adults, are going up in Glendale. Why it matters: The Phoenix area faces a massive housing shortage, which is driving up prices for both single-family homes and apartments. State of play: A massive construction site
Buc-ee’s, the Texas-based chain of convenience stores and gas stations, has purchased 22 acres in Goodyear, Arizona, with plans to build a new store, slated to be its first to open in the state. Buc-ee’s is planning to build a 75,400-square-foot convenience store at the
Since South Korea-based LG Energy Solution reaffirmed its investment in Arizona last year, local leaders have seen an uptick in activity nearby. Interest from companies has intensified since LGES started placing beams for its $5.5 billion battery manufacturing complex in Queen
A group of investors who own approximately 30,000 acres of land in the Harquahala Valley have inked a deal to build a $1.2 billion solar project on the site and are negotiating separate deals to sell the water underneath the project, which lies about 60 miles west of Phoenix. Salt
Peoria is eyeing more than 8,300 acres of state-owned land for future growth as it charts a path toward becoming a hub in the semiconductor and defense industries. With that goal in mind, city officials are working with the Arizona State Land Department to make two desert
Home sales in the Phoenix-metro area saw a decrease in March, but Phoenix REALTORS data still shows bright spots for both availability and home prices. This comes against the backdrop of robust existing-home sales across the United States, which last month exceeded
A $110 million renovation at a Scottsdale resort involves changing the guest rooms, pool deck, restaurants, and − perhaps most notably − its name. The Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch is completing the renovation in phases, and it’s scheduled to
Red Development and Globe Corp. recently broke ground on a major road connecting Goodyear’s new Civic Square and public park to the municipality’s future downtown. The road, named Goodyear Way, will connect to the 150-acre mixed-use development featuring new shops
Signal Butte Road in southeast Mesa is about to become a hub for car dealerships, retail shops and the home of a Walmart if the City Council gives the go-ahead. The Berge Auto Group and Horne Auto Group both have large projects slated along in southeast Mesa near State Route
One of the leading analysts of the Valley’s housing market said recently that homesellers’ position is improving but it also indicated they may be facing strong headwinds throughout the year from homebuilders and new home sales. “The change is minimal but it is the first time
A new $13 million state program to help middle-income Arizona families purchase homes kicked off Thursday. Why it matters: Arizona — and especially metro Phoenix — has a severe housing shortage that has driven up home prices to unattainable levels for many. A 2023
Lee Lee International Supermarkets, a three-store Asian-focused international grocery store chain with locations in Peoria, Chandler and Tucson, has been acquired by a Southern California-based specialty grocery retailer. Maison Solutions Inc. (Nasdaq: MSS), which owns