Arizona’s job market has been solid lately, and it’s showing up in fewer layoffs. Both the number and magnitude of major layoff announcements declined sharply in the first quarter of 2024 compared with the same three months of 2023. Some 21 employers reported layoffs to
A former Arizona Coyotes executive is endorsing state legislation that he hopes will help a group unconnected to the team build a mixed-use development near Mesa that could include a professional soccer stadium. If passed, the bill could also help his former employer finance a
North American data center pricing approached record levels in 2023, with Phoenix boasting some of the highest average asking rates among U.S. data center markets ($170 – $200) for 250-500 kilowatt (kW) per month, according to CBRE’s latest North American Data Center
A prolonged period of elevated interest rates –– compounded by rising operational costs –– continues to impact rental housing providers nationwide. Beyond myriad effects on day-to-day industry operations, rising rates also pose a long-term risk to the future of apartment
Getting a deal done for a hotel has been difficult over the past few years, with inflationary pressures and banking woes headlining the difficulties. That could start to change in the second half of 2024, hotel executives say. During the “Market Overview: Financial Analysis
Are you a net lease investor with $5 million cash in your pocket? Then you’re golden in the current market. Right now the sector’s biggest problem is that there is a considerable amount of supply on the market and not enough buyers willing to invest at cap rates where the
On the way to joining the extraordinary “bed rush” of tall hotels rushing Old Town, a funny thing happened to the Winfield: It went into trusteeship. Though Scottsdale real estate wheeler-dealer David Slattery Sr. stresses that does not equate to bankruptcy, it still hardly
Peckham, a nonprofit vocational rehabilitation organization that provides training and job opportunities for persons with significant disabilities and other barriers to employment, leased all of the space in the One Compass Center office building in Phoenix, spanning more than
In many downtowns across the nation, office vacancies are hitting record levels. Against that backdrop, cities are grappling with the effects of hybrid work, which is cutting into tax bases, threatening downtown vibrancy and contributing to a growing amount of vacant office
This is supposed to be the “busier” spring leasing season for self-storage but the mood in the industry is mostly “somber” but optimistic for the future, according to a new report from Yardi Matrix. “Performance slipped in 2023 and there are few signs that market conditions are
As the country’s top men’s and women’s college basketball teams compete to cut down the nets this month, CoStar is getting in on the madness with our inaugural CoStar Sweet 16 of U.S. retail markets. Here we pit the top areas for that property type across the country against
Banks are starting to feel the effects of distress in the multifamily sector with the volume of multifamily loans that were at least 30 days past due or in nonaccrual status in the fourth quarter rising to $3.46 billion, up 43.1% from the previous quarter and an 81.2% increase year
The Ritz-Carlton Paradise Valley and The Palmeraie — a multibillion-dollar project years in the works in Paradise Valley — are expected to take shape during the rest of 2024. Five Star Development, the developer of the mixed-use project with a hotel, retail and Ritz-Carlton-branded
Dollar Tree will close 600 Family Dollar stores in the first half of 2024, the company announced on March 13. It would also allow 370 Family Dollar and 30 Dollar Tree stores to close once their lease is finished. There are 88 Family Dollar stores in Arizona, according to the company’s
CapRock Partners, a California-based privately owned investor and developer of industrial properties, has expanded its holdings in Phoenix by acquiring the four-property Chandler Airport Business Park for $42.57 million, or $133.57 per square foot. The Class A park was just
A robust 62% of multifamily investors expect to increase their purchasing activity from last year and 40% expect to sell more, according to CBRE’s 2024 Global Multifamily Investor Intentions Survey in late 2023 of 1,200 investors. And nearly half (47%) of multifamily investors
Developer ViaWest Group redeveloped what was once the office headquarters of computer consulting firm Insight Enterprises into what is now Sight Logistics Park, designed to serve industrial tenants on a nearly 18-acre site in the eastern Phoenix suburb of Tempe, Arizona
A new Home Depot and Dick’s Sporting Goods could be the next major tenants for a planned shopping center west of Phoenix. The Home Depot Inc. (NYSE: HD) started a preliminary application process in March for a new store at Buckeye Commons, according to public documents
What a difference five years can make. Phoenix’s multifamily market is an example of how a variety of factors — a global pandemic, widespread material shortages, inflation and a looming credit crunch, to name a few — can drive big changes in a relatively short window. Perhaps
Ryan Companies US, Inc., a national commercial real estate solutions provider, and ESI Ventures announce the financial closing and beginning of construction for Surprise 34. Comprised of two buildings totaling more than 145,000 square feet, the industrial campus will provide premier
Phoenix is now the eighth-fastest growing metropolitan statistical area in the nation, according to recently released data from the U.S. Census Bureau. The Valley’s population base added 49,200 people from July 1, 2022, to July 1, 2023, the data found. Many of the top markets
South Korea-based LG Energy Solution has secured financing through New York investment firm U.S. Realty Advisors LLC for construction of its first battery manufacturing plant in Arizona. The technology giant, a supplier to major car companies such as General Motors and
The view from the ground on office debt coming due in 2024 is something over $600 billion, according to MSCI. And that’s not counting $270 billion from 2023 that weren’t refinanced or, as the firm noted, apparently neither explicitly refinanced or sold. “Given that property owners are
Delta Dental of Arizona, the largest dental insurance firm operating in the state, is downsizing as it prepares to move its headquarters to Scottsdale. Plans call for the dental insurance firm to move into 13,350 square feet of space at The Pinnacle in Kierland IV at 14850 N. Scottsdale
Sunbelt Investment Holdings, Inc. (SIHI) recently celebrated the groundbreaking for Buckeye Commons, a much-anticipated, Costco-anchored retail center in the bustling West Valley. With freeway frontage that sees nearly 200,000 cars daily, the center will include over 410,000