On April 8, the Biden-Harris Administration announced that the U.S. Department of Commerce and Taiwan Semiconductor Manufacturing Company (TSMC) have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $6.6 billion in direct funding under
Much-needed affordable housing is going on up on Seventh Avenue, courtesy of Catholic Charities. Why it matters: The Valley is suffering a shortage of about 270,000 housing units, according to a 2022 report by the Arizona Department of Housing. The big picture: The building
Amid all the angst about the stability of the multifamily sector, there are signs that the market is beginning to work its way through its problems, even though parts of the country, especially in the overbuilt South, still show weakness. A report by Apartments.com, a CoStar
The Phoenix office market maintained its position as one of the nation’s leaders in investment, with its active sales activity placing it second across similar Sun Belt cities, CommercialEdge data shows. In line with last year’s drop in construction activity, Phoenix
The unemployment rate decreased marginally in March to 3.8%, the Bureau of Labor Statistics noted in its Employment Situation Report. Last month, the unemployment rate sat at 3.9%. The rate dropped, in part, due to the additional 303,000 jobs added in March. The unemployment
At the Federal Reserve, representatives say one thing and another. But the loudest voice is data, and it’s currently murmuring that rate cuts will be a long way off — and possibly not be the three reductions the Fed is currently promising. The Fed always brings up the dual mandates
The popular discount brand the 99 Cents Only Store announced on April 4 that it would be closing all of its existing 371 locations nationwide. The company said that it would begin preparations to close its doors permanently. The closures will include about 39 locations in
In the early 2000s, Buckeye was a quiet community on the outskirts of the bustling Phoenix metropolitan area with a population of 6,537. Fast forward to today, and Buckeye has transformed into the West Valley’s boom town with an impressive 114,000 residents. Recognized
A public auction date has been set for the land in north Phoenix where the Arizona Coyotes want to build a new arena. The Arizona State Land Department announced it will hold a state trust land auction on June 27 for the more than 110 acres at the northwest corner of the
When Phoenix Suns and Phoenix Mercury owner Mat Ishbia bought the teams in early 2023, the organization wasn’t known for having a great workplace culture. An in-depth report from the NBA found that the team’s former owner, Robert Sarver, had engaged in acts of racism
Economic growth in the first quarter of 2024 appears to be on a rosy trajectory. Multiple reports show that consumers continue to carry the economy by spending freely despite still-elevated inflation and debt levels ticking higher. Growth in the 2% to 2.5% range for the
In the five years since they began their life together in the desert sprawl of greater Phoenix, Devon Lawrence and Eren Mendoza have bounced from one itinerant home to another. They have camped alongside a freeway off-ramp, using a gas station sink as their bath and a
A major commercial project in Gilbert has gone up for its first review. During a study session on April 3, the Gilbert Planning Commission heard a presentation for Signature at San Tan Village, which is a proposed 11-building project that would total 326,731 square feet of retail
Phoenix-based Stevens-Leinweber Construction (SLC), has started construction on Camelback 303 Logistics Center on behalf of Brookfield Properties, a global developer and operator of high-quality real estate. The LEED-certified, two-building industrial development totaling
A mixed-use project featuring some of the country’s more prominent retailers is progressing through the Gilbert planning process. It has already gone up for its first review. Signature at San Tan Village is a proposed 11-building project that would total 326,731 square feet of retail
Two of the largest companies in the quick-service restaurant space, Shake Shack and Chipotle, are opening their Scottsdale first drive-thru locations this month. The moves are yet another indicator that drive-thru continues to be one of the strongest trends in the restaurant
Could it be that return-to-office policies are once again drawing homebuyers to house hunt close to the locations where they work, instead of the remote settings they were drawn to post-pandemic? That is certainly the conclusion reached by Realtor.com in its February Hottest
An apartment deal in Scottsdale, Arizona, is among the Phoenix region’s highest-priced transactions of the past year in a sign of investor demand for the city’s eastern suburbs. Still, the sale price was below the prior one for the complex as Sun Belt multifamily markets experience higher
Construction activity remains scorching hot in the Metro Phoenix industrial market, with 10 million square feet in deliveries in the first quarter alone, according to a report from Kidder Mathews. NEW DELIVERIES continue to soar with over 10M SF in YTD deliveries. RENTAL
New York-based WeWork Inc. said Tuesday it expects to emerge from Chapter 11 by the end of the spring. The beleaguered coworking company, which filed for Chapter 11 bankruptcy protection in November, said in a statement it’s determined “a final path forward” at 90% of the
The Scottsdale 101 shopping center, or rather the land on which the center was built, is heading for the auction block in June. The Arizona Land Department published an auction notice on March 21 that the 75 acres on the southwest corner of Scottsdale Road and the Loop 101
The nation’s largest retailer could be setting up shop at a massive mixed-use project in the southeast Valley. Arkansas-based Walmart Inc. (NYSE: WMT) has filed plans with the city of Mesa for a 171,000-square-foot retail store complete with a drive-thru pharmacy, a grab-and-go
The move for lenders to find ways to avoid action on troubled CRE loans has been called “extend and pretend,” though “delay and pray” might be even more apt. While an institution can avoid significant and final decisions, it can put off the day when it takes a hit to its balance sheet
Creation, one of Arizona’s most prominent commercial real estate developers, has been given the green light to move ahead with construction on a three-building, 16-acre industrial park in Tempe, marking the company’s first industrial undertaking within the city. Nexus Commerce Center
All eyes are on the West Valley and for good reason. Communities like Surprise, Glendale and Buckeye continue to attract development and media buzz. From talk of smart cities to bringing more industry to the area, growth continues to climb. In fact, in January of this year