September 17, 2021

Business travel revenue will not likely hit pre-pandemic levels until 2024, with New York City, Washington DC, and San Francisco among the markets with the longest recovery ahead.A new report from the American Hotel & Lodging Association and Kalibri Labs predicts the hotel industry will end this year down more than

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Glendale City Council has approved partnering with a local developer to start the design process for its proposed office-anchored mixed-use development near State Farm Stadium.The city will pay Plaza Cos. $176,900 for its services between two agreements approved on Sept. 14, which are the first of several the city said it’s drafting for

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Anyone searching for a home today knows full well the pickings are slim. The supply of U.S. homes for sale is near a record low, and the gap between supply and demand is widening.The U.S. is short 5.24 million homes, an increase of 1.4 million from the 2019 gap of 3.84 million, according to new research from Realtor.com.The U.S. Census found

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The EV (electric/hybrid vehicle) technology industry is an increasingly powerful one in the U.S, with sales of electric vehicles growing faster than those of standard cars during the first half of 2021.. A new, massive infrastructure bill would also devote significant funds to the creation of EV charging stations, and

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Arizona’s employment totals continue to rebound from the COVID-19 outbreak, with Gov. Doug Ducey on Thursday proclaiming that all private-sector jobs were recovered.But that’s not the whole picture. The state’s job totals including government positions still haven’t rebounded fully from before the pandemic emerged as a

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September 16, 2021

In a joint venture partnership, LPC Desert West, the Southwest regional office of Lincoln Property Company (LPC), and Scottsdale-based Harvard Investments have purchased 585 acres in metro Phoenix’s West Valley submarket for a major new, Class A industrial development called Goodyear AirPark.Situated next to

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Runaway monthly increases in home values and rents tempered in August, according to the latest Zillow® market report, paving the way for a strong but more manageable housing market come fall. Another month of rising inventory and more for-sale listings taking price cuts are giving buyers more options and potentially

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Los Angeles-based Decron Properties has purchased three apartment buildings since it entered the market four months ago, spending more than $250 million on the combined 772 units. Phoenix has been an attractive growth market for years, and the pandemic has only made it more appealing, according to Daniel Nagel, the

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Recent moves in Congress and the White House seemed to close doors on tax benefits for commercial real estate. But while a new proposal from House Ways and Means Committee chair Richard Neal does mean higher taxes, it would also temper some potential pain.“With the reconciliation markup process underway, one thing is

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A division of The Empire Group of Cos. just sold a luxury apartment community it built in downtown Phoenix, as the Scottsdale developer gears up to begin construction on what will become Arizona’s tallest tower a few blocks away.New York Life Real Estate Investors paid $125.5 million in cash to Aspirant Development for

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September 15, 2021

Deal volume in the office sector creeped higher in the second quarter of the year, but investment activity still remains below pre-pandemic levels, according to a new report from Colliers. Q2 sales volume totaled $26 billion, an increase from Q1’s $20.5 billion, with suburban properties accounting for $18.8 billion of that

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Eighteen months after many workers were sent home to help prevent the spread of COVID-19, companies are welcoming people back to the office — and back to some of the coolest offices in Metro Phoenix. Many businesses have learned that their employees can work from just about anywhere, so their office spaces need to be more than

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Phoenix, Raleigh-Durham, Las Vegas, Tampa and Denver are to be considered the most likely apartment markets to overheat in the coming months, according to Kimberly Byrum, Principal-Multifamily, Zonda Advisory, who presented Tuesday at the MFE Conference hosted by Zonda in Las Vegas.She said that high occupancy is

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Phoenix-based LPC Desert West and Scottsdale-based Harvard Investments purchased 585 acres for $72.5 million in September with plans build a massive industrial park. LPC Desert West, the Southwest regional office for Lincoln Property Company, and Harvard Investments purchased the shovel-ready land from

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A Los Angeles investor has purchased an apartment property in Tempe, Arizona, where an influx of returning college students and expanding tech and finance firms has created one of Phoenix’s hottest apartment markets.L.A.-based SAM Residential Group, also known as Shelter Asset Management, paid

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September 14, 2021

A national developer has started construction on a West Valley industrial project, its first development in the Phoenix metro, and has plans to build more. Columbus, Ohio-based The Pizzuti Companies has just broke ground on Cotton 303 Logistics Center, a 915,160-square-foot speculative industrial building on 55 acres, located at the

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Despite outcry from some city residents, development projects with approximately 835 apartment units are under immediate consideration by Scottsdale city officials. The controversial Greenbelt 88 project, which proposes 278 apartments and 25,000 square feet of retail space where the aging Lucky Plaza shopping center currently stands

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(Bloomberg)—Distressed debt tied to retail enterprises is putting on something of a vanishing act.The overall amount of tradeable troubled debt has shrunk from near $1 trillion in March of last year to less than $60 billion as of September 10, data compiled by Bloomberg show. And the portion of that from the retail industry has

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Ryan Willis had big plans for a 94-acre vacant parcel he was developing into a master-planned community in Casa Grande.He had been working with municipal officials and was expecting to be approved by Casa Grande City Council for 317 homes later this year so he could sell the G Diamond Ranch he was developing to a major homebuilder.

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Far fewer tenants are putting space on the market compared to last year, and some are taking their spaces back.As the COVID-19 pandemic in the U.S. reaches its 18-month mark, we are now in a new stage that is changing the equation for both office occupiers and landlords. The highly transmissible Delta variant of the virus is

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September 13, 2021

Apartment retention rates are soaring back to lockdown-era highs, as more renters are determining that staying in place is often the best and most affordable option – given a remarkable lack of alternatives for all types of housing and for all price points.The share of renters choosing to renew expiring leases in

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The COVID-19 pandemic may have thrown a wrench into many industries, but the Arizona real estate industry does not seem to be one of them. Many Arizona real estate companies are experiencing a banner year in 2021, and many are optimistic that it will continue as we travel into 2022. Here are

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Earlier this year, as vaccinations became widely available, hopes abounded for a quick recovery from the economic ruin visited upon us by the coronavirus pandemic and the efforts to contain it. It has now been 18 months since COVID-19 was declared a national emergency in the U.S. And unfortunately, cases are

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The Phoenix area is the third fastest-growing large U.S. metro with a below average cost of living, according to a new report by Roofstock Inc.The cost of living in metro Phoenix is 1.3% below the national average, the report says. Between 2017 and 2020, the population in Phoenix increased by 6.3% — at a time when the

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One shift expected from the pandemic was the movement of millennials away from apartments and toward single-family housing. Recent data and analysis show, however, that this trend may be petering out, according to a new report from Moody’s Analytics. Instead, multifamily fundamentals look bright for

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