May 24, 2024

Offices are seen as a place where companies can house their employees and headquarter their operations. It has been a staple of company infrastructure since the creation of the first skyscrapers. Now, they’re being left vacant, resulting in developers considering ways to re-invigorate

Read The Full Article...

Whether you tally by total dollar volume or number of physical properties, investment in multifamily has continued to tumble in the first quarter of 2024, according to data from RealPage. It’s at the lowest level since the second quarter of 2020, the depth of the pandemic. But

Read The Full Article...

The long-term nature of office leasing has slowed the market’s adjustment to the shift in office utilization catalyzed by the COVID-19 pandemic, helping building owners preserve at least some income from in-place tenants. But with demand for office space slow to bounce back, the

Read The Full Article...

A uniquely designed, newly built office building in the heart of downtown Tempe is under new ownership. Cross Ocean Partners, a financial services firm with offices in Connecticut, London and Ireland along with Breakwater Property Partners, a Southern California real estate

Read The Full Article...

In the heart of Phoenix, a wave of redevelopment has swept through downtown marking an evolution in its urban landscape. Spearheading this resurgence are three distinct trends: the burgeoning bioscience core, the adaptive reuse of historical buildings and the flourishing

Read The Full Article...

May 23, 2024

An abandoned golf course at the southeast corner of 59th and Southern avenues in Phoenix’s Laveen Village could get a new lease on life, after years of intense talks between the property’s owner and community residents. “It’s not fair to call it a golf course,” said Adam Baugh

Read The Full Article...

Arizona cities could get more dense developments without zoning fights, and tiny backyard homes will become much easier to build due to two bipartisan housing bills signed by Gov. Katie Hobbs on Tuesday. Several pieces of legislation have been introduced to tackle Arizona’s

Read The Full Article...

The commercial real estate forecast for the year’s second half remains predominantly upbeat as multifamily, retail and industrial properties maintain strong performance. However, potential hurdles loom ahead. According to a May 6 report by J.P. Morgan Chase, persistently

Read The Full Article...

Across the nation in April, median asking rents for units of all sizes fell year over year. Parts of the Midwest, however, did not get the memo, and rents rose, according to Realtor.com’s April rental report. In Nashville, rents for 0-2 bedroom apartments plummeted 8.4%, with

Read The Full Article...

A new Chick-fil-A location appears to be hatching in Tempe, at the site of a long-time restaurant that closed more than a year ago. Earlier this month, the Tempe Development Review Commission approved two use permit requests that will allow a proposed Chick-fil-A location to be

Read The Full Article...

May 22, 2024

Park Algodon, a $250 million industrial and mixed-use project in Phoenix, officially broke ground this week by leading Phoenix-based real estate development firm Creation, alongside joint-venture partner Clarion Partners. To mark the occasion, the developer held a groundbreaking

Read The Full Article...

Affording a rental home is pricey in Arizona, but several other states demand an even higher “housing wage.” A household must earn $62,252 to afford a two-bedroom rental in Arizona, according to the National Low Income Housing Coalition. That means an Arizona renter must

Read The Full Article...

Retailers seeking new spaces with U.S. vacancy rates low need to act fast when interested in a site or risk losing out to another renter, JLL’s head of retail services said. The country’s overall vacancy rate of retail space is 4.1%, according to Chicago-based JLL, citing CoStar

Read The Full Article...

QTS Realty Trust is adding to its Valley portfolio with another major data center project in the works. The company is proposing to develop a 3 million-square-foot campus — called QTS PHX 3 — across 16 buildings each totaling at least 180,000 square feet in the Glendale area

Read The Full Article...

Federal Reserve officials made clear they are still worried about the still-elevated levels of inflation according to the minutes from the April 30-May 1 policy meeting of the Federal Open Market Committee that were released this afternoon. The meeting came on the heels of

Read The Full Article...

May 21, 2024

A high-rise student housing tower proposed on the site of a shuttered, formerly popular college bar in Tempe could face an uphill battle for approval after an icy reception from a city commission. Landmark Properties, a Georgia-based real estate firm that specializes in off-campus

Read The Full Article...

Tannin Development Corp. announced the completion of Edison Midtown, a luxury condo community at 3131 N. Central Ave in Phoenix. The final phase marks the completion of the 110-unit community, which had been stalled for six years due to the original developer’s inability to

Read The Full Article...

The big thing right now is there’s a massive disconnect between the fundamentals of the retailers and the leasing fundamentals in the shopping centers, and the level of disruption and disconnect in the capital markets. Those thoughts are according to Adam Ifshin, CEO and founder

Read The Full Article...

You wouldn’t know it from headlines focusing on recent store closings, but the overall U.S. retail sector has undergone a resurgence in the past couple of years, with vacancy rates declining and rents rising to record highs. Three drivers are supporting the revival. There’s been a

Read The Full Article...

WeWork Inc. plans to keep its office lease at the Esplanade. As part of its plans to emerge from bankruptcy by May 31, the New York City-based coworking company said Monday it expects to assume 89 additional leases across the United States and Canada – including at

Read The Full Article...

May 20, 2024

Conditions in many retail markets across the country have reached near the tightest level on record, but while available space has dwindled quickest in areas throughout the Sun Belt and Midwest, Phoenix and Indianapolis stand out as the nation’s leaders for the biggest improvement

Read The Full Article...

For years, North Phoenix was expected to become a sea of sprawling homes as a continuation of the Valley’s suburban growth. By all accounts, that vision has now expanded. Arguably the most notable swath of undeveloped land in that part of town is Biscuit Flats, which spans

Read The Full Article...

There appears to be a spring in the step of CRE developers and building owners now that Spring 2024 has arrived. The gloom that pervaded their outlook for the year ahead in 2023 surveys has given way to a mild optimism as NAIOP’s index of CRE sentiment rose above 50 for

Read The Full Article...

Several large office tenant move-outs during first quarter fueled the Phoenix office market to post negative net absorption reaching -572,754 square feet, according to a report released by Colliers.  Despite total vacancy rising to 19.9 percent, the city’s landlords have been

Read The Full Article...

A pair of apartment projects in Tempe that would bring more than 1,100 new units collectively cleared a big checkpoint in the city, as did construction of another Sam’s Club store. The discussion of the two multifamily projects, Tempe Gateway and Sterling Tempe, contributed

Read The Full Article...