Anyone paying attention to headlines this past year understands that inflation continues exerting a toll on commercial real estate construction efforts. For example, CBRE’s Construction Cost Index forecast a 14.1% year-over-year increase in costs “as labor and material costs continue to rise.
A recently renovated office building in Phoenix’ Camelback Corridor has sold to a newly-formed partnership between Salt Lake City-based Bridge Investment Group and Grosvenor Group, a global investment powerhouse that was founded in London 345 years ago. The joint venture paid
Not long after Taiwan Semiconductor Manufacturing Co. announced its decision to build a $12 billion factory in Phoenix, real estate firms started buying up hundreds of acres in the nearby Deer Valley submarket, which is home to one of the largest job corridors in Phoenix and spans more than
Digital platform Money, today announced its annual ranking of the Best Places to Live spotlighting 50 cities and towns with strong labor markets, affordable homes, and racial, economic and cultural diversity. Tempe is ranked No. 2 on the Best Places to Live in the U.S. list. This year’s list features
PHOENIX – A massive Arizona income tax that mainly benefits the wealthy championed by GOP Gov. Doug Ducey and enacted by Republicans who control the state Legislature in 2021 will go into full effect ahead of schedule next year, Ducey’s office announced Thursday. The plan will save taxpayers about
Several massive industrial projects along key transportation corridors have moved forward in two West Valley cities. New-York based Clarion Partners is building a 2.36 million-square-foot industrial park called Northern Parkway Commerce Center across 135 acres at the southwest corner of
Today, Wood Partners, national leaders in the development of multifamily residential community builders, broke ground in Avondale, AZ. Avondale officials were there to welcome them during a formal groundbreaking ceremony on Sept. 29th, 2022. Once complete, the new community
A developer based in Southern California’s Orange County is planning its second major industrial project in greater Phoenix. Shopoff Realty Investments bought about 270 acres of former dairy land at Elliott and Sossaman roads near Phoenix-Mesa Gateway Airport with plans to build a
After Onsemi announced it would move its headquarters to Scottsdale, the company formerly known as ON Semiconductor sold its Phoenix building to a developer that plans to find an industrial user for the site. Developing the site at 52nd Street and McDowell Road includes
DBM Global is now in operation in a premier office submarket in the Valley. The company, formerly known as Schuff International, moved its headquarters to Biltmore Lakes in Phoenix’s Camelback Corridor. Kevin Calihan, Tim Kempton and their fellow CBRE colleague Tripp Anderson represented
The overall mortgage delinquency rate declined to 2.79% in August from 3.6% in July, according to a report by Black Knight. The delinquency rate is just 4 basis points above the historic low of 2.75% in May 2022. August saw 20,300 foreclosure starts
Although economic growth is projected to resume in 2022’s second half, the combination of high inflation, monetary policy tightening and a slowing housing market will likely tip the economy into a modest recession next year, according to Fannie Mae’s Economic and Strategic Research (ESR) Group.
The debate between economists about the global economy continues unabated and financial markets are now pricing in further hikes after the 75 basis points raise from the Federal Reserve, the US’s central bank. According to the Bank of England the UK is now in
Renters are feeling the pain of higher costs, spending more than one-quarter, 26.4%, of their monthly budgets on average on rents in August, according to Realtor.com’s Monthly Rental Report. This is up from 25.7% of renters’ incomes a year ago.
Remember Bachman-Turner Overdrive’s 1983 hit “You Ain’t Seen Nothin’ Yet?” You ain’t seen nothin’ yet. B-b-b-baby, you just ain’t seen n-n-nothin’ yet? It’s one of those catchy, unforgettable lyrics you can’t shake. And, it’s a perfect musical representation of
Private equity giant KKR & Co. sold a multifamily property in Tempe near Phoenix to an investor based in Arizona for $68.5 million, or just under $252,000 per unit. The price paid by the private investor based in Paradise Valley to buy Ponderosa Ranch was nearly
A developer has submitted plans to the city of Mesa to build a hospitality campus to include three separate hotels to support Bell Bank Park in southeast Mesa. The developer – Las Vegas-based Tharaldson Hospitality – is proposing building
Surfers are testing the waves at a lagoon in Mesa, the city’s iconic Mekong Plaza is expanding, several apartment complexes are going up in downtown and a library is in the works for southeastern Mesa.
Phoenix is ground zero for a new multifamily housing product gaining popularity across the nation: single family build-to-rent (BTR) communities. Sometimes referred to as low density multifamily or horizontal apartments, these BTR developments offer another option for renters who
The health-care industry suffered major changes during the health crisis—marked by periods of volatility and fast-paced lifestyle and economic transformations—such as the rise of telemedicine. As a response to these changes, developers are more pressed than ever to
More than 450,000 square feet of Arizona office buildings are now under new ownership. A consortium led by Thomas Rizk and Roger Thomas, the founders of Workspace Property Trust, have scooped up more than 50 office buildings across several markets in a more than
Although Americans seem to love Phoenix, they either love or hate the Grand Canyon State. Arizona was voted the seventh-most desirable state AND the ninth-least desirable state, according to research from Home Bay. But people love Phoenix. Home Bay surveyed 1,000 Americans across the U.S. and they voted
Mesa’s Planning and Zoning Board will consider rezoning more than 45 acres and annexing land into the city that could make way for an auto mall and residential development near Phoenix-Mesa Gateway Airport. Pew & Lake PLC applied to city’s planning and zoning board on behalf of
A 247-unit senior living facility with 9,900 square feet of commercial space on 3.59 acres near the intersection of Scottsdale and Osborne roads will become a reality. The Scottsdale City Council on Sept. 13 voted 7-0 to approve the project, known as The Osborne, which will reach
A long-neglected stretch of McDowell Road in central Phoenix could one day be transformed with shade trees, enhanced lighting, colorful crosswalks and murals. Representatives from the City of Phoenix Street Transportation Department met with the public Tuesday night to discuss the