April 19, 2019

Foreign investors generally remain confident in a strong economy, solid real estate market fundamentals and steady inflows of capital into U.S. real estate, according to the 2019 AFIRE International Investor Survey. The survey was designed and administered by AFIRE and the James A. Graaskamp Center for Real Estate at the Wisconsin School of

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US retail sales recorded their biggest jump in 18 months in March, driven by sales of motor vehicles, petrol and clothing, which signalled consumers continue to support the economy.Headline retail sales rose 1.6 per cent month-on-month in March, the Commerce Department said on Thursday — the biggest monthly increase since

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According to JLL’s Q1 Phoenix Industrial Market Report, the mid-bay industrial market now represents 42.1 percent of the Valley’s under construction industrial stock. The report points to a lack of product in the 50,000- to 200,000-square-foot size range as a driver of this new construction.“For many years, demand for Phoenix industrial space has centered around

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The state’s seasonally adjusted jobless rate ticked down a tenth of a point in March in what, by all indications, was a pretty unremarkable report.On one hand, the state’s construction industry continues to boom, adding 2,800 jobs last month and 16,700 in the past year. That latter figure was enough to post a 10.8 percent year-over-year gain. But Arizona also lost

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Microsoft has added to its growing land holdings in Goodyear, Arizona, buying 147 acres for undisclosed purposes in the fast-growing Phoenix suburb that is popular for data centers.An entity of Chicago-based First Industrial Realty Trust Inc. sold the vacant land that is part of the 1,600-acre PV303 business park , north of Interstate 10 and west of Loop 303, for

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April 18, 2019

People keep moving to Phoenix.That’s the takeaway from new data released Thursday by the U.S. Census Bureau, which finds the Phoenix metro added nearly 100,000 residents from July 1, 2017, to July 2018.During that 12-month period, the Phoenix-Mesa-Scottsdale metro gained 96,268 people

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Thirty years ago, this 730-acre swath of Arizona land was virgin desert, the vast blue sky interrupted only by towering saguaro cacti. Today the cacti have been replaced by construction cranes in what is now a bustling area known as Kierland. On the border of Scottsdale and Phoenix, the area’s urban feel, with walk-able access to restaurants and bars

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While a new report by investment firm USB estimates 75,000 more U.S. stores could close by 2026 as the shift to online shopping expands, it appears that the grocery sector continues bucking that trend. The report points to future closings of apparel stores, consumer electronics retailers and home furnishing stores, noting that online sales are expected to make up 26 percent

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Tempe and Chandler-Gilbert are the fastest growing office markets in the Greater Phoenix region. In the last three years, the majority of new office construction has been built in these two markets, and the construction pipeline is continuing to grow

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Now that Zillow Group Inc. has settled into its new Scottsdale digs, plans call for hiring 160 employees this year and investing $7.2 million in capital. That’s in addition to the 175 employees who already work at Zillow Offers, the division that buys and sells homes directly

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April 17, 2019

Goodyear, Arizona, may be on the verge of getting a permanent city hall as well as its first modern office space in almost two decades, in a development that could create a significant central gathering area in the fast-growing city.The Goodyear City Council just took a big step toward addressing growth in a city that has seen a 30% gain

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Phoenix remains one of the cheapest major cities for building real estate projects, despite one of the largest increases in construction costs during 2018.According to the quarterly construction cost report done by Rider Levett Bucknall, construction costs in Phoenix rose 6.7% between January 2018 and January 2019, one of the largest increases for major cities nationwide.

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WASHINGTON — In recent weeks, backers of a new tax incentive meant to encourage investment in struggling communities raised alarms with the Trump administration that the regulations could steer most of that money into real estate development, rather than startup businesses that are more likely to create well-paying jobs.

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A series of new developments in Downtown Phoenix promise to redefine the market and create a strong urban core. Like projects in major metropolitans, many of these new communities are focused on lifestyle and amenities that create a true live-work-play atmosphere. Among the projects to spring up is Millennium Park Central

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A proposed new development slated for a prime piece of property in downtown Phoenix has almost everything: Apartments, student housing, office space, retail, restaurants, a hotel and a grocery store. One thing it doesn’t have: Housing options for people who make less than $50,000 a year. The lack of affordable and workforce housing options in Phoenix’s downtown core

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April 16, 2019

Arizona’s economy is humming these days, and large corporations and nonprofit groups are leading the charge.The 100 biggest employers in Arizona collectively account for more than 528,000 workers, the most ever and equaling about one in five payroll jobs in the state. The table below shows total employees in 2019 and 2018 by industry, ownership

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Rockwell Partners, a leading Chicago-based real estate investment and property management firm, recently completed the $26,150,000 acquisition of Tatum Place Apartments, a 164-unit, Class B multi-family community located in Scottsdale, Arizona.“We spent 18 months studying the top major metros in the U.S., analyzing those markets and underwriting

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Phoenix City Council will weigh in on the redevelopment of Central Station transit depot at its April 17 meeting.Electric Red Ventures LLC, a company owned by Houston-based Medistar Corp., was chosen during a request for proposal for the high-profile downtown site. It has proposed creating a $231 million, 1.1 million-square-foot mixed-use development on the

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A significant shift is underway for the US restaurants and grocery industries and the real estate these operators occupy, according to a new CBRE analysis. These changes include a greater push for convenient, prepared foods, a growing millennial influence, and the emergence of inner-ring suburbs as the industry’s hottest market.In short, new consumer

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During the first quarter of the year, Valley tenants absorbed more than 1 million square feet of office space, a high the metro area has not seen since the Great Recession.According to JLL’s first-quarter office insight report, tenants signed new leases totaling 900,000 square feet during the first three months of the year, with 78 additional tenants seeking more

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April 15, 2019

Retail-industry executives have more than a few chips on their shoulders. They’re tired of being portrayed as a business in decline, even in a death spiral, despite a continuing trend that could see more big-name chains closing brick-and-mortar locations for years to come. No matter. All those headline-grabbing consolidation announcements portray only part of the

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According to JLL’s Q1 Phoenix Office Market Report, metro Phoenix has absorbed more than 1 million square feet of office space since the first of the year – a quarterly high not seen in over 10 years. This is already massively ahead of 2018, which though a notable year for local office space recorded 1.7 million square feet in total absorption for the full

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Opportunity zone investors should develop an industry-adopted set of best practices. There is a frenzy around the new investment model—which provides an exemption for capital gains tax in exchange for investing in neglected communities—but investors need to remember the social impact component of the legislation. These best practices include job

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Situated on the northeast corner of McClintock Drive and Apache Boulevard, the 1,400 square foot, freestanding building closed for $715,000, or $511 per square foot. 1800 East Apache Boulevard sits on approximately 0.39 acres of land and there is redevelopment potential using the existing CSS zoning. Sitting adjacent to a light rail stop makes for

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The developer of the first live/work community in north Scottsdale has seen such a positive reaction to the initial phase of her high-end project that she’s embarking on the second phase of construction.Total development costs for the entire 74-unit project is about $35 million, said Irene Catsibris Clary, founder and president of

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