February 21, 2024

After 18 months of construction, Phoenix-Mesa Gateway Airport’s terminal expansion project is complete in time for the spring travel season. Officials and dignitaries – including White House advisor Tom Perez, members of Congress and East Valley mayors — participated in a

Read The Full Article...

Tempe officials have unanimously greenlit a plan to build a 15-story apartment building that will create about 300 new housing units less than a quarter mile from Arizona State University’s Tempe campus. The upcoming complex doesn’t have an official name yet, but it

Read The Full Article...

Following steep losses through the second half of last year, the Phoenix apartment market finally posted positive monthly rent growth in January. The average asking rent increased 0.3% in the inaugural month of 2024, the largest increase since May 2022. While last month’s gain lags the

Read The Full Article...

While infrastructure and site work are underway in Mesa, construction on the first phase of a build-to-suit U.S. headquarters for Canadian company Xnrgy Climate Systems is just around the corner. Matt Jensen, a partner at Utah-based The Boyer Co., said he expects to have the

Read The Full Article...

Amkor Technology Inc. cleared a major hurdle on its path to construct a $2 billion packaging and testing complex in the northwest Valley on Tuesday night, when Peoria’s leaders gave their enthusiastic support for an agreement to construct the project on more than

Read The Full Article...

February 20, 2024

Depending on where you live, property taxes can be a small inconvenience or a major burden. How do Arizona property taxes rank? The average American household spends $2,869 on property tax for their homes each year, according to

Read The Full Article...

After being placed in a receivership following its ownership’s failure to make mortgage payments, a buyer has been lined up to acquire the Adero Scottsdale resort. The 177-room property in Fountain Hills, which used to be the CopperWynd Resort before a massive renovation and

Read The Full Article...

The former Metrocenter mall is now expected to be demolished by the spring of 2024 after the developer pushed back the timeline for its major redevelopment project amid a high interest rate environment. The development team — comprised of Concord Wilshire Capital, TLG Investment Partners

Read The Full Article...

Thousands of people attended the International Franchise Association’s annual convention in downtown Phoenix. Inside the Phoenix Convention Center, hundreds of suppliers filled the exhibit hall offering ways to boost efficiency, profits and productivity, including

Read The Full Article...

The pace of commercial real estate loan closings inched up toward the end of last year, signaling a possible change in sentiment among banks and other CRE lenders. The CBRE Lending Momentum Index increased by

Read The Full Article...

February 19, 2024

It isn’t just retirees who are moving to Arizona these days.The state now draws people of all ages, seeking to escape to a place known for mostly mild winters and abundant sunshine. In its 2023 migration report, Allied Van Lines found that Arizona was No. 2 in popularity for people

Read The Full Article...

Residential Realtor Somone Wilder is a Top 40 Under 40 Realtor in Maricopa County with a track record of selling more than 500 homes in just the past 500 years. Featured on NPR and in Bloomberg Magazine, she has positioned herself as an expert in her industry

Read The Full Article...

Six years after receiving approval from Scottsdale City Council to build a new hotel in Old Town, Desco Arizona LLC aims to break ground on the project this year. On Feb. 6, Phoenix-based Biltform Architecture Group submitted an application to reapprove the

Read The Full Article...

They called it the “Great Consolidation,” a wave of bank branch closures during the pandemic that seemed to herald a new age of digital banking that would turn your favorite local vault into a relic from a bygone era. Well, we just got an overdraft notice on that gloomy outlook

Read The Full Article...

Can’t stop won’t stop? OK, you will never confuse me for a rapper, but those are the four words that describe this economy right now. And as we walk into retail earnings hell — a period where too many retailers report all at once and the comparisons become

Read The Full Article...

February 16, 2024

The industrial sector—which has been on a hot streak for several years—experienced a significant cooling-off in 2023. As we look ahead to 2024, CommercialEdge anticipates a period of stabilization and normalization in the sector. In 2024, rent growth is expected to slow and vacancy

Read The Full Article...

Even though the pandemic lockdown is four years in the past, the work-from-home trend is still with us. However, the trend continues to change as employees push return-to-office mandates and employees continue to push back for remote work. Eptura’s “2023 Workplace Index

Read The Full Article...

A panel of experts on Thursday said that it was an overstatement to say that the office segment of the commercial real-estate market was in “a doom loop.” Downtown office buildings in many cities have dropped in value with shifts in work behavior. Values of office buildings

Read The Full Article...

Award-winning real estate development firm, Optima is partnering with Mitsui Fudosan America, Inc. for the development of the first building within its newest Arizona residential development, Optima McDowell Mountain Village, located on 22-acres on the southeast corner of

Read The Full Article...

The metro Phoenix housing market is rebounding just as mortgage interest rates are expected to dip as 2024 unfolds. Local analysts are optimistic that any drop in mortgage interest rates will be the catalyst needed to spark a surge in home closings. “We are expecting

Read The Full Article...

February 15, 2024

JE Dunn Construction and Hatteras Sky announced a major milestone, as its newest development in Phoenix, Saiya, celebrated its official “topping out” last month. The 23-story apartment high-rise project, located at First Avenue and West McKinley Street, broke ground in July

Read The Full Article...

Arizona, especially the Phoenix metro area, continues to be one of the nation’s hot spots for new multifamily supply as well as demand. Phoenix was one of the 12 U.S. metro areas to add at least 7,000 net new apartment households last year and ranked among the top

Read The Full Article...

Diversified Partners has broken ground on Eastgate Plaza, a 17-acre mixed-use project in Mesa. Tenants at the development will include Starbucks Coffee, d’Lite, Pure Barre, Fix FX, Fresh Monkee, Playa Bowls, Kolache Café, Farmer Boys, Ono Hawaiian BBQ, Vero Chicago Pizza

Read The Full Article...

A new mixed-use project with apartments and 100,000 square feet of commercial space is being proposed for a growing area in the northwest part of metro Phoenix in Surprise. Called Desert Arroyo, the development has been planned for about 42 acres at the northeast

Read The Full Article...

Attempting to determine what will happen with the economy, commercial real estate and capital markets over the next 12 months is an activity that could backfire. A year ago, the focus was on a recession, which never materialized. Other issues of concern included record-high

Read The Full Article...