January 25, 2024

A report from BlackRock Real Estate Research says that investments after periods of downturns tend to perform well afterwards. Specifically, the period starting in 2022 where the Federal Reserve tightened interest rates, which led to lower transactions volumes and declining

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Just $374 billion of commercial real estate sold in the U.S. last year, the Wall Street Journal reported Wednesday, citing data from MSCI Real Assets. That’s a 51% drop compared with 2022 and also 14% lower than in 2020, when prospective buyers couldn’t view buildings for most of

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Phoenix leads the country in industrial construction in early 2024, usurping the Dallas-Fort Worth region as the nation’s construction hot spot, a throne it has held since 2016. Both markets are contending with record supply additions over the past few years as renewed focus on domestic

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Despite national declines, Phoenix stands at the forefront of industrial space occupancy and demand, with a 3% increase in occupied space and the delivery of 16.5 million square feet of industrial product in Q3 2023, as highlighted in LGE Design Build’s newly released

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Aging city-owned properties in Mesa could end up being part of an expanding Arizona State University campus thanks to an updated agreement between the city and the school. The City Council has for years dreamed the university could anchor its arts and innovation district and bring

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GTIS Partners and Clyde Capital plan to develop 90 acres outside Phoenix into a mixed-use property with hundreds of built-to-rent units as supply issues in both the rental and for-sale housing markets create pricing problems for the metropolitan area. The developers believe

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Corrections and clarifications: A previous version of this story inaccurately stated who approves use permits. It is the zoning administrator. The Phoenix City Council approved a policy change to reduce the number of parking spaces required at apartment complexes, four months after

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Median three-bedroom rents in the United States are more affordable than owning a similarly sized home in nearly 90% of local markets around the nation, according to ATTOM’s 2024 Rental Affordability Report. While both renting and owning a three-bedroom home continues to pose significant

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The James Beard Foundation has announced the semifinalists for its 2024 Restaurant and Chef awards, one of the nation’s most distinguished culinary honors — and just over a dozen of them are Arizonans. Arizona’s honorees appear in seven of the 22 categories for this year’s awards, which

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A “world-class surf experience” that has been in the works in Maricopa since 2021 is looking at a significant downsizing and an indeterminate opening date. PHX Surf was supposed to have sandy beaches; a hotel; play pools; and food, beverage, retail and outdoor recreational elements

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January 23, 2024

Total commercial and multifamily mortgage borrowing and lending is expected to rise to $576 billion in 2024, a 29% increase from 2023’s estimated total of $444 billion. That’s according to an updated baseline forecast released Tuesday by the Mortgage Bankers Association

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Multifamily market conditions continued to weaken at the start of the year, according to the National Multifamily Housing Council’s quarterly survey for January. However, financing conditions have started to show signs of improvement. Three of the four indices

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Tempe’s City Council unanimously approved a deal to revamp Danelle Plaza on Thursday, marking the most significant step to date in the city’s decades long effort to repurpose the deteriorating yet historic 14-acre site. The Plaza sits at the corner of South Mill Avenue

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After a year filled with battles between residents and developers, it hardly seems likely 2024 can be more dramatic. Then again … The first developer-hosted “neighborhood open house” of the year was as close to a mob as a room full of silver-haired folks sitting

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Metro Phoenix is in a crisis of affordable housing, and a variety of options will be required to not only provide safe and affordable places to live but also to persuade communities to welcome those developments. That’s according to Alison Cook-Davis, the

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January 22, 2024

Dozens of new industrial buildings added to metro Phoenix’s inventory in the fourth quarter while also increasing the market’s vacancy rate. Nearly 9 million square feet delivered in the fourth quarter to bump the market’s vacancy rate to 8% — double the rate from the first quarter, according to

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The Phoenix Office of JLL has released its Q4 2023 Phoenix Office Insight, noting some persistent, positive trends after a challenging 12 months. In the last quarter of the year, negative absorption slowed, asking rents showed signs of stabilizing and construction deliveries remained subdued, reducing

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Colliers reported positive pre-leasing data on new office properties, with most markets above the average percentage at 46.2% pre-leased and Manhattan coming in first at 83.3% pre-leased. There are 36.4 million square feet of active construction across the top office markets and most projects are

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The number of apartment spaces being created in office buildings across major cities this year has risen to over 55,000, four times higher than the 12,100 under conversion in 2021, according to a new report. The 55,339 office-to-apartment makeovers scheduled for this year mark a record high,

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Fannie Mae has a rosy outlook for mortgage rates. The government sponsored enterprise is projecting that rates will drop below 6% by the end of 2024, which in turn will boost refi volumes and help thaw the existing home sales market. Following years of volatility in mortgage rates, the

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January 19, 2024

“Affordable housing” is becoming almost an oxymoron for many American households, whether they seek to rent or buy. The cost of renting or buying a three-bedroom home gobbles up more than one-third of wages in most county-level housing markets, and in some cases much more

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Headlines heralding the office sector’s doom have been common over the past several months. “The Next Crisis Will Start With Empty Office Buildings,” proclaimed a June article in The Atlantic. “We Definitely Think the Office Sector is Crashing,” a Fortune article noted. Also in

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In a whirlwind 2023, Phoenix Business Journal staffers covered dozens of impactful deals across the Valley. Those deals were scrutinized by real estate and economic development reporters Ron Davis and Audrey Jensen, along with managing editor Paul Thompson. Trying to chisel down

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Despite national declines, Phoenix stands at the forefront of industrial space occupancy and demand, with a 3% increase in occupied space and the delivery of 16.5 million square feet of industrial product in Q3 2023, as highlighted in LGE Design Build’s newly released Q4/Q1 Construction

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Mortgage rates continued their descent this week to mark their lowest level since May 2023, welcome news for homebuyers who have been waiting on the sidelines for rates to drop.  The 30-year fixed-rate mortgage averaged 6.6% as of Jan. 11, a decrease from last week’s 6.66%, according

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