DAILY TOP 5

The total metro Phoenix office market vacancy rate decreased by 10 basis points during the third quarter to 25.1%. This marks the first decline in local vacancy rates in almost five years. Per the JLL report, vacancy and availability rates in the metro Phoenix office sublease market were

Z Modular, a division of steel manufacturer Zekelman Industries, has acquired 20.45 acres of land in Arizona’s San Tan Valley for $14.4 million, or approximately $705,770 per acre. Z Modular is a development company specializing in modular housing construction that plans to self-develop a

Chicago-based Belgravia Group Ltd., which made its Phoenix debut with a $100 million condominium community in north Scottsdale, is preparing for its second project right across the street. Its first 112-unit project, called Portico, sold out in March, said Belgravia CEO Jonathan McCulloch. Plans are now in the

What happens to CRE cap rates when the 10-year Treasury yield changes? According to a CBRE Econometric Advisors review of data since 1995, there are some relationships over time with variations by property type. On average, for every 100 basis points

Over the past several months, multiple experts have awaited the Federal Reserve to put an end to ongoing monetary tightening. In September, the Fed did so, cutting the Effective Federal Funds Rate (EFFR) by 50 basis points. While this doesn’t mean that dry powder will suddenly start flowing into

This week’s inflation data provided more evidence that the Federal Reserve is nearing its objective, fresh on the heels of the central bank’s dramatic interest rate cut just a few weeks ago. Consumer and producer price indexes for September both came in around expectations, showing that

For the third quarter, the gap between supply and demand for apartments in the U.S. has been the smallest in three years, according to a new analysis by Apartments.com. In this period, 176,000 apartments were absorbed and 178,00 were delivered. This helped to drive down vacancy rates by

The Empire Group of Companies, one of Arizona’s leading residential, commercial and mixed-used real estate developers, has officially kicked off its 23.32-acre Carefree Quarter development project following the Town of Carefree’s unanimous decision to pursue finalizing the development

Pinal County is in the bullseye of more developers and major employers that want to expand in Arizona given its proximity to Phoenix and Tucson, its major freeways, a Union Pacific line and plentiful available land. Since an onslaught of companies snatched up remaining sites in Pinal County’s industrial parks for

For more than two years now, higher prices have been pinching consumers’ wallets and testing their patience — but there’s at least one part of their monthly budget that has more breathing room these days: For the average U.S. worker, it now takes fewer hours of work to

Inflation has come full circle for the Biden administration. Consumer price growth slowed to its lowest pace since February 2021 — the first full month President Joe Biden was in office, the Labor Department said Thursday in its final inflation report before Election Day. The data, while a bit hotter than

Multifamily asking rents dipped slightly in September due to seasonality and a supply influx in the Sun Belt. The average U.S. asking rent decreased $3 to $1,750 last month, while year-over-year growth was unchanged at 0.9% for the third consecutive month, according to the

Buffalo, New York-based GTI Fabrication is quickly growing its footprint in Phoenix to focus on the clean energy sector. It has just signed on for a larger, second facility in Arizona. The modular building and shipping container manufacturer fabricates enclosed containers for the residential

State of Arizona personal income growth ranked 23rd in the nation in the second quarter. Arizona nominal personal income rose 5.2% at a seasonally-adjusted annual rate in the second quarter of 2024, falling slightly short of the nation at 5.3% (Exhibit 1). That ranked Arizona

Construction is holding steady in downtown Phoenix with more projects rising out of the ground. The most recent North American crane count by Rider Levett Bucknall shows that eight cranes were standing in the third quarter within a 6-mile radius of downtown Phoenix, a net increase of one since

Start warming up your backhand — the world’s largest pickleball facility plans to open in Scottsdale in 2026. Why it matters: As pickleball popularity continues to surge, PURE Pickleball & Padel co-founders Brett Warner and Kevin Berk tell Axios they believe their Scottsdale facility will become

Seafood City, a popular California-based supermarket chain specializing in Filipino ingredients, food and desserts, will open its first Arizona location in Chandler Fashion Center in 2025, according to an Oct. 8 press release. The Seafood City location in Chandler will span over 65,000 square feet and

Arizona Land Consulting, the Valley’s leading, female-owned real estate consulting firm, announced today its purchase of 600 acres in Pinal County. The newly acquired property considered the “Gateway into Casa Grande,” located on the I-10/Florence, marks the first

After waiting three years to buy a big-screen television, Lynda Newman says prices have finally dropped enough to afford one. “We’ve had our eye on a 75-inch TV, and so that’ll be our Black Friday purchase for the family,” said the mom of three in Cleveland. “Actually, football season has

PHOENIX — RED Development has begun construction on PV, the $2 billion redevelopment of a 100-acre site in Phoenix formerly occupied by Paradise Valley Mall. Phase I of the project will include retail, dining and entertainment space anchored by Whole Foods

A homebuilder is eyeing more than 6,000 acres of Arizona State Land Trust land directly south of Taiwan Semiconductor Manufacturing Co.’s plant for a master-planned project that could include nearly 20,000 residential units, including single-family homes and apartments.  PulteGroup, a Georgia-based

September saw a modest increase in commercial real estate transaction velocity, according to the Monthly CRE Activity Index from LightBox, a provider of CRE information and technology. Driving the uptick was the Federal Reserve’s first cut to the federal funds rate since 2020, spurring a

The pandemic has reshuffled the retail sector’s dynamics forever, urging brands to reimagine physical spaces and meet their clients in new ways, all while pushing architects and designers’ creativity to new levels. But with many retailers downsizing and still relying on

The office market may have hit its bottom following a series of stressed property sales at discounted rates during the past quarter, which have set a new pricing benchmark, according to a Reuters report. Seven properties sold at a discount of more than $100 million during the first quarter, compared with