September 20, 2019

Arizona State University campuses across the Valley and even out of state will see millions in public funds for construction in the coming few years. The university on Thursday received approvals from the Arizona Board of Regents related to several large construction projects, including a new dorm in downtown Phoenix, a pedestrian bridge in Tempe and renovations to a historic building in

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Goodyear has rapidly expanded its list of big-name employers, from Microsoft to Nike, which is why the suburb of nearly 85,000 residents southwest of Phoenix was named one of the 50 best places to live in the U.S. Money magazine ranked Goodyear 22nd in its annual list of the 50 best American cities to live in. It’s the only Arizona city to make the list this year. Peoria was 29th in

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RENTCafé‘s August rent report is out and while researchers have noticed a slowdown in national rental costs, Phoenix and the surrounding suburbs don’t necessarily follow the trend this time, as Metro Phoenix rents have picked up their rising tendencies yet again. Here are the highlights for Phoenix and suburbs: • Average rents in Scottsdale went up $5 in August and reached

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Apartment occupancy nationwide is as high as it’s been in nearly 20 years, with more than 96% of all apartments filled in the 150 largest apartment markets in the country. Overall, all four regions of the country saw a rise in apartment occupancy in August, according to a study from RealPage. The Northeast saw 97.1% occupancy; 96.6% in the West; 96.5% in the Midwest and 95.7% in the

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The commercial real estate market remains strong, despite talk of an approaching recession, according to an Emerging Trends in Real Estate 2020 report produced by the Urban Land Institute (ULI) and consulting firm PwC and released at this week’s ULI fall meeting. “Real estate is in a very good space,” said Mitch Roschelle, partner and business development leader with PwC, at the

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September 19, 2019

Ten years since the economic expansion started after the Great Recession, commercial real estate remains strong. Many real estate professionals and investors expected markets, including real estate, to contract sooner, entering hyper-supply. At the 2015 CCIM Institute’s annual conference Sam Zell, the founder and chairman of Equity International, discussed the sale of

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Phoenix industrial developers can’t build fast enough, even after new supply reached a decade-high last year. Developers have broken ground on nearly 4.2 million square feet of industrisal space since July. Robust demand, fueled by strong employment and population growth, has tightened vacancies to under 7%, far below the market’s long-term average. While Phoenix has a

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As demand in the Valley increases for entry-level homes, homebuilders are doing what they can to give buyers what they want, but how long they’ll be able to offer entry-level prices remains to be seen. “We really do have a perfect storm here,” said Jim Belfiore, founder and president of Belfiore Real Estate Consulting. “Costs are just rising so fast and it’s going to continue

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A developer has started an expansion of luxury independent-living senior community Sagewood that has reached near-full occupancy in Phoenix, a city that is outpacing the nation as a retirement destination. The Weitz Co. has begun construction on plans to grow the complex’s residences by 32% and add restaurants and recreation facilities, including an “18 hole championship

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Last year, Arizona launched its revolutionary financial technology sandbox, exemplifying a commitment to minimizing regulations and developing cutting edge business platforms. The sandbox has become a resource that has enabled many growing financial tech firms to burgeon. Verdigris Holdings – a startup that seeks to provide banking tools for underrepresented and low-income

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September 18, 2019

Phoenix is seeing its share of million-dollar companies grow, according to a recent report from LendingTree. From 2014 to 2016, the Valley saw its percentage of companies with revenue of at least $1 million climb 6.2%. That represents the addition of 1,211 businesses with revenue in seven figures, according to

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The Federal Reserve cut its benchmark lending rate by one-quarter of a point on Wednesday, the second time this year it has reduced rates in the face of a weakening global economy. The central bank’s new interest rate is now 1.75 percent to 2 percent, according to a statement issued after a two-day monetary policy meeting by the Federal Open Market Committee, the voting arm of the

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After a brief uptick in demand due to for-sale housing affordability challenges, apartment construction cooled off during the first half of 2019. Multifamily construction of apartments in five-plus-unit properties was down 0.2% for the first six months of 2019 compared with the start of 2018. Multifamily permit issuance for these developments was down 1%. These changes are consistent with

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Mortenson took a significant step in the construction process for the Hyatt Place / Hyatt House Tempe Downtown hotel as they celebrated the topping out of the building earlier this month. Construction of the dual-branded hotel is on schedule and is the first building in the Novus Innovation Corridor to reach this noteworthy milestone. The urban hotel’s concrete roof deck was set

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The coolest offices of today are the product of decades of trial and error in how the spaces are decorated and designed. We’ve seen trends come and go, but one constant remains: Functionality. Modern employees spend more time than ever at their workplace, and these offices reflect that trend. The spaces are more inviting, more comfortable and more flexible. Modern office spaces allow

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September 17, 2019

An alternative to the crowded and dangerous trip on Interstate 10 to Tucson is on the horizon for East Valley drivers. The Arizona Department of Transportation has identified a proposed route for what it calls the North-South Corridor, a freeway that would run 55 miles from the East Valley through Pinal County. The agency also released a draft

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In a rapidly changing retail environment, one of the challenges for operators is defining the size of their new stores. At the Groceryshop event in Las Vegas, two of the industry’s leaders offered different takes on the age-old question “Does size matter?” in a session titled “New Store Formats & Footprints. ”For Kroger, the nation’s largest

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Robust e-commerce growth is expected to help drive higher overall holiday spending. According to Deloitte’s annual holiday forecast, holiday retail sales are likely to increase between 4.5% and 5% year-over-year in 2019. Overall, Deloitte’s retail and distribution practice projects that holiday sales will exceed $1.1 trillion during the

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New York-based Broadstone Real Estate paid $90.2 million for two Hensley Beverage Co. properties in metro Phoenix, according to Vizzda LLC real estate database. Broadstone HBC Arizona LLC paid $57.68 million to an entity tracing to Angelo Gordon & Co. for the 305,998-square-foot Hensley industrial building at 4201 N. 45th Ave. in

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Acknowledging it hasn’t quite worked as promoted, Gov. Doug Ducey wants to take a new look at legislation he signed three years ago that pretty much stripped cities of their ability to regulate vacation rentals. The governor said Thursday he still believes in the rights of individuals to be able to rent out rooms in their homes — and their

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September 16, 2019

Rising home prices and bidding wars over affordable houses in metro Phoenix are stirring painful memories of the housing boom that led to the area’s biggest real estate crash beginning in 2008. For those who weren’t here or are still trying to forget the years from 2009 to 2011, a 50% jump in Valley home prices from 2005 to 2006   — fueled by

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US gateway markets are no longer top targets for investment. According to a recent report from CBRE, there are plenty of industrial and logistics options outside of the gateway markets, and the report names the top 14, including Reno, Greenville-Spartanburg and Salt Lake City. Unsurprisingly, considering its recent run, Phoenix made the

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Large occupiers searching for quality space in the Phoenix metropolitan area have limited options, thanks to constrained new office supply and robust demand. And landlords are benefiting. Top-tier properties are leading all other segments in rent growth, with four- and five-star properties posting 5.7% annual rent gains in the second

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A local firm has spent nearly $145 million in recent weeks on two apartment complexes in greater Phoenix, which leads the nation in rent growth. Nasim Sikder, who runs a boutique investment shop out of Chandler, Arizona, closed on the 344-unit Summerly at Zanjero, in Glendale, and the 209-unit Novel Rio apartments in Tempe,

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Mesa residents will soon get a glimpse into what the Residences at Mesa and Main project will look like, now that crews have completed the core structure of a massive parking garage. The City Creek Reserve redevelopment project – timed to coincide with the massive renovation of the iconic Mesa Arizona Temple of the

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