Today, the Biden-Harris Administration announced that the U.S. Department of Commerce and Amkor Technology, Inc. have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $400 million in proposed direct funding under the CHIPS and Science Act. President Biden
The nation’s largest single-family home landlord is betting on high tenant demand as it expands its number of houses for lease and leans into its rapidly growing third-party management business. Invitation Homes said revenue rose 8.8% in the second quarter with a 97.5% occupancy rate across its portfolio. But at
Another long-time national retailer is closing stores across the country, including in Phoenix, after filing for Chapter 11 bankruptcy protection. Texas-based Conn’s Inc. (Nasdaq: CONN) filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for
Phoenix is seeing some of the biggest demand in the country when it comes to the industrial sector thanks to its prime location. Net absorption in the second quarter reached 4.2 million square feet, according to a report from Transwestern. Not only has that number surged
In one of the biggest commercial real estate deals of the year, QTS Data Centers acquired 206.08 acres of land in Avondale for $246,866,895, according to Vizzda. The sellers were Terry Klinger and Grand View Dairy. The sale breaks down to $1,198,014.82
Rents for prime office space–the uppermost tier of Class A, typically with rents in the top 5% to 10%–now average 31.4% over those for all Class A offices in markets across the world, Savills reported. Led by Midtown Manhattan, North America has the highest premium at 62.5% above average Class A rents
There’s a tale of two office markets unfolding in the Valley: Nearly a quarter of our office space sits vacant, and yet we don’t have enough high-end buildings to meet employer demand. The big picture: The pandemic seems to have permanently changed the way many Americans work.
Okland Capital and San Tan Development Group plan to bring 37,245 square feet of high-end retail and restaurant offerings to the first phase of Northside at SanTan Village, a $100 million mixed-use development in Gilbert, Ariz. Construction has begun on the 20-acre site in the Phoenix suburb. Completion
A major change is in the works for the Belmont master plan, which encompasses 25,000 acres set for residential and commercial growth about an hour west of Phoenix. The owner of the property, Scottsdale-based LKY Development Co., is looking to attract industrial development for nearly 5,150 acres of
Economic activity in the U.S. was considerably stronger than expected during the second quarter, according to an initial estimate Thursday from the Commerce Department. Real gross domestic product, a measure of all the goods and services produced during the April-through-June period, increased at
Home price growth in the second quarter was stronger than previously anticipated, but economists at Fannie Mae believe it will likely moderate soon, closing 2024 and 2025 at annualized rates of 6.1% and 3%, respectively. Even with more listings of homes available for sale compared to a year ago, existing-home sales
It’s going to be another challenging year for multifamily owners and operators. Many factors will converge and control what owners must do to survive the business. Frequently, that will mean lower rental growth and increased operating expense, leading to narrower margins. Not only will
Multifamily market conditions were mixed, according to the National Multifamily Housing Council’s quarterly survey for July. Two of the four indices that are part of the Quarterly Survey of Apartment Conditions—debt financing and sales volume—were above the breakeven level of 50, indicating more favorable
QTS Realty Trust has acquired a substantial site in the Phoenix metro for another data center campus. Overland Park, Kansas-based QTS, which is owned by private equity firm Blackstone Inc., acquired 206 acres in the West Valley for $246.8 million in an all cash deal in July
Buckeye Mayor Eric Orsborn recounts a 2015 story that perfectly illustrates how the perception of the West Valley has dramatically evolved in less than a decade. “Then-Phoenix Mayor Greg Stanton was celebrating an investment the City of Phoenix was making in Buckeye,”
Dirt is moving on an East Valley project that’s been about five years in the works. Northside at SanTan Village — a rising development between Williams Field and Ray roads in Gilbert — will transform about 20 acres with new restaurants, retail and a hotel. Developers Okland Capital and
Twelve Arizona Big Lots locations will close as the company struggles with a tough consumer market. In a filing to the U.S. Securities and Exchange Commission in early July, the discount retailer said it planned to close 35 to 40 stores this year and open three. The company reported
Last month, Big Lots CEO Bruce Thorn told investors the company was “moving quickly and aggressively” to solidify its position “as America’s discount home store.” Then just a week later, the retailer reported it was closing as many as 40 locations and might have to cease operations
After delivering over 10 million square feet of industrial product last quarter, Phoenix continues to be a hotspot for industrial development and currently ranks first in the U.S. for active projects with 37 million square feet currently underway, as highlighted in LGE Design Build’s Q3 Construction Delivery Outlook report
The first half of 2024 has been strong for CMBS, with domestic private-label issuance totaling $42.29 billion, according to Trepp. That is almost three times the $16.47 billion the same period in 2023 saw. It’s also up from $24.6 billion in the first quarter
Harvard Investments closed on land sales to a homebuilder and multifamily developer who plan to construct single-family residences and build-to-rent units, respectively, in the growing, unincorporated community of San Tan Valley, Arizona. The two sales fetched $15.4 million. Harvard Investments, a real
After years of record amounts of available space weighing on the national office market, a lack of new construction could portend a shortage of high-quality options. Elevated borrowing costs and extended work-from-home policies have resulted in a dwindling amount of office space moving through the development
The “Topgolf of Pickleball” is slated to open in south Tempe later this year, just a few miles from the recently shuttered Picklemall. The big picture: The Electric Pickle — a bar, restaurant and pickleball combo — broke ground more than a year ago, and construction
Across the 50 metro areas surveyed, housing inventory rose 6.7% from May and was up 38.1% over June 2023 – similar to May’s year-over-year increase of 39.6%. That equated to 2.1 Months Supply of Housing Inventory compared to last June’s 1.4 months
While rents fell across all unit sizes in June, especially large declines were seen in the South, according to the Realtor.com Rental Report. Marking the 11th straight month of declines, median asking rents for zero to two-bedroom units fell to $1,743 or -0.4% ($7) from June 2023. The median rent for