October 19, 2018

Tucson has largely missed the economic recovery but three East Valley cities led by Gilbert have flourished, according to a new study that tracked the uneven pace of progress around the nation since the recession. Phoenix, Glendale and Mesa rank closer to the middle of the pack in terms of recent economic performance, looking at results from 2012 through 2016. The recession and gradual recovery reshuffled prosperity

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The industrial real estate sector in the U.S. is firing on all cylinders, as e-commerce continues to grow at a rapid clip. And experts in the field say this is just the beginning. Even the name—industrial—is changing, with companies now preferring “logistics” (as is common in the rest of the world) instead. A recent report from CBRE found that online retail is behind man

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Nikola Corp. is ramping up administrative and engineering staff as it anticipates manufacturing zero-emissions semi-trucks in Pinal County several years from now. The privately held company, which moved to the Phoenix area from Utah in July, currently employs about 70 people in Chandler as it builds a new headquarters in Phoenix south of Sky Harbor International Airport, said Britton Worthen, chief legal officer.

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With home prices and interest rates both on the rise, will more people look to renting as their only “affordable” option for housing? It looks like that might already be happening. Newly released data from the National Association of Realtors shows that existing home sales fell to a three-year low in September, as home prices rose for the 79th straight month. That’s more than six years of monthly

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Harvard Investments Inc., a Scottsdale-based developer of master-planned communities, is looking at how it can get into the increasingly popular hybrid single-family rental space. Tim Brislin, vice president of Harvard Investments, said he’s looking at ways the company would get into this new business line, whether building its own communities or partnering with a builder already developing these

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October 18, 2018

The numbers: The U.S. rolled into the fall on a “strong growth trajectory,” though the economy could slow in 2019 if weakness in the housing and stock markets persist, according to an index that measures the nation’s economic health. The leading economic index rose 0.5% in September after 0.4% and 0.7% gains in the prior two

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The minutes of the September Federal Open Market Committee meeting confirmed speculation that Federal Reserve policy makers are leaning toward pushing interest rates above levels considered to be neutral, which neither stimulate nor restrain the economy. That sounds ominous, but it is important not to worry too much yet over the prospect of restrictive policy.

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It’s time for a crash course in a new investment opportunity that could do some good while bringing returns. Billionaire Sean Parker, co-founder of Napster and former president of Facebook, worked alongside lawmakers to put forth a program that the real estate industry is buzzing about: Opportunity Zones. There are 8,700 Opportunity Zones

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True North Studio, LLC, a commercial real estate development company located in Phoenix, announced a new project in collaboration with Choice Hotels International, Inc., one of the world’s largest lodging franchisors. The Cambria hotel in downtown Phoenix – Roosevelt Row Arts District has started construction and is set to open in late 2019.

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With 691 new condominiums under construction in metro Phoenix, another 711 are in the pipeline, according to a September data report from Polaris Pacific. “What’s interesting about the new stuff coming online, a lot of it is really high end,” said Crel Vogel, regional sales manager for San Francisco-based Polaris Pacific’s Arizona market. Optima Kierland, a high-end condominium

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October 17, 2018

The downtown Phoenix skyline is about to undergo a dramatic change as more than 5,700 apartment units are under construction or being planned in this revitalized section of town. The downtown Phoenix area has gone from barely maintaining an eight-hour economy to truly being an 18-hour economy, said Christine Mackay, economic development director for the city of Phoenix. That’s not just from the addition of more

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Apartment rentals have been luring residents away from other kinds of housing since the housing crash—and that is not likely to change in the foreseeable future. “Apartments should continue to play a role in the total housing market that goes beyond the historical norm,” says Greg Willett, chief economist for Real Page Inc., a property management software and services provider based in Richardson, Texas.

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Conventional supermarkets and Walmart are far and away the top outlets where consumers regularly shop for groceries, according to the TABS Analytics 6th Annual Food and Beverage Consumables Study. Of 1,000 U.S. adults surveyed, 75% cited traditional grocery stores and 57% named Walmart as the retail venues they regularly visit (more than six times per month) to buy food and beverages.

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When looking for a home, figuring out whether to rent or buy can be tricky. There are many factors at play and trying to time the housing market is difficult. However, there are mathematical ways to evaluate each city, so you can make an informed decision. HomeArea.com today released the Cities in Arizona that are Better to Buy than Rent.

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Large purchases by Maracay Homes for the construction of single-family homes and townhomes were some of the largest September land transactions around the Phoenix area. Land designated for single-family home development led sales for the month, with more than $120 million out of a total of $188.6 million spent on all types of land, according to research from Colliers International.

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October 16, 2018

The U.S. is putting more distance between itself and the rest of the world in terms of growth expectations from professional investors. The news keeps getting worse for global economic prospects, with respondents to the Bank of America Merrill Lynch Fund Manager Survey for October now holding their dimmest view for the future since the financial crisis.

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Maricopa County saw more people move to the area than any other county in the U.S. during the past five years. The county saw 221,000 immigrants between 2012 and 2017, according to a new report from RentCafe. That volume was by far the highest in the country, the report shows. Nearly 150,000 people separated Maricopa County from the 10th-highest site of immigration

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The Phoenix industrial real estate market remained steadfast and unwavering during the third quarter, producing strong activity yet again and reflecting the consistent demand this industrial market has shown cycle after cycle, according to Kidder Mathews’ latest market report for the Phoenix commercial real estate industrial market.

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Strong job growth in Phoenix will fuel more office demand in an already active office market. According to a new office report from Colliers International, office vacancy rates fell another 170 basis points to 14.2% with 574,000 square feet of office absorption in the last three months. Already this year, the office market has recorded 2.4 million square feet in office leasing activity

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It’s not exactly the opening of the Panama Canal or the Golden Gate Bridge, but a small, significant transportation milestone is coming to Mesa this week. Depending on how far work crews get this weekend after last week’s rain, the nation’s first four-way roundabout across light rail tracks will open up on Main Street at Horne either tomorrow, Oct. 15, or Tuesday, Oct. 16.

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October 15, 2018

With the middle-class squeezed by the rising cost of living, particularly housing costs, many average-earners find it an onerous endeavor to create a decent life for themselves and their families. Living in a big metro like New York or Los Angeles may come with a high income and more opportunities, but the cost of housing in these expensive areas can place a middle-class lifestyle too far

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One of the central blocks in downtown Phoenix could be transformed into a mixed-use development with two high-rise towers. The city of Phoenix selected a proposal submitted by Electric Red Ventures LLC, a company owned by Houston-based Medistar Corp., for redevelopment of the Central Station transit depot. The 2.6-acre site is bounded by First Avenue to the west,

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Office rent growth has slowed across most major U.S. markets in 2018, and Phoenix has not been an exception. At the end of the third quarter of 2018, the average year-over-year rent growth for the Phoenix office market was about 3 percent. At the same point last year, year-over-year gains were around 4.6 percent, or 160 basis points higher.

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Five Arizona Sears stores, including three in the Phoenix area, will be closing as part of the troubled retailer’s Chapter 11 bankruptcy filing. Another seven mainline stores owned by parent Sears Holdings will remain open, while various other stores operating under the Sears nameplate — and owned by independent operators — are unaffected by the announcement.

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Phoenix’s Millennials are straying from the norm as they redefine life’s priorities, according to the latest Bank of America Homebuyer Insights Report. Seventy-four percent of local millennials say owning a home is a top priority, tied with being able to retire (74 percent) and far outranking getting married (48 percent) and having children (51 percent).

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