January 12, 2024

As last year wound down, construction activity in Phoenix slowed, while office investment picked up since the beginning of the year, pushing the city toward the highest-ranking markets across gateway metros, according to CommercialEdge data. As of November, Phoenix had 1 million square feet of office space under construction across 19 properties, representing 0.6 percent of

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About $623 million in federal grants were awarded to 22 states and Puerto Rico to install electric vehicle charging stations as part of the Biden administration’s push to shift the United States away from gas-powered vehicles.Cities, states and tribal groups nationwide were

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Mike Burke, the new chief of the 320-acre Arizona Athletic Grounds – formerly Legacy Park, formerly Bell Bank Park – isn’t wasting any time after coordinating the facility’s purchase out of bankruptcy. Burke is president of AZ Athletic Associates, the youth-sports facility with

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Philadelphia-based radio station owner Audacy has sold off the prime Phoenix real estate that houses Big 94.5 and other local stations — and the buyer appears connected to a local real estate firm that’s planning a slew of ambitious projects along the Roosevelt Row District in

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American retailers this year have something in common with the famous groundhog Punxsutawney Phil: they are trying to decide whether spring has arrived and it is safe to emerge from their burrows and go about their business as before – or whether they should duck for

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Early construction will begin this month on an affordable housing development in Glendale to feature 605 new units across two projects. Dominium, a national affordable housing developer with projects underway across the Valley, bought about 27 acres at.

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After a key approval from Scottsdale’s development review board, New York City-based Mack Real Estate Group is moving ahead on the build-out of two key industrial parks. Mack Real Estate Group (MREG) is looking at securing permits for grading, drainage, stockpile and

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Rent growth rose by 1.4% in 3-star properties in 2023, outperforming 4- and 5-star properties as well as 1- and 2-star, according to Apartments.com’s Q4 2023 Multifamily Rent Report. The report defines 3-star as “B” properties, typically in garden-style. “The demand for 3-star properties was

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Paradise Valley Town Council has given the green light for a new look to a boutique hotel. Scottsdale-based Walton Global Holdings LLC received unanimous approval Jan. 11 for a special-use permit to move forward with its redevelopment of the Smoke Tree Resort. Walton will now move forward “as fast as possible” with the demolition of the 5-acre site on the southwest corner of

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Fitch Ratings Chief Economist Brian Coulton has joined the growing number of experts and sources that no longer expect a recession to happen in 2024, as Reuters reported. In a Wednesday seminar, he attributed the change in projection to signs of strength in the economy. The December report from the

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January 11, 2024

Even the experts appear reluctant to predict what 2024 holds for the commercial and multifamily mortgage markets, though they hope the year will bring more clarity. The just-released Mortgage Bankers Association’s 2024 Commercial Real Estate Finance Outlook Survey

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Metro Phoenix ended 2023 with one of the nation’s lowest urban inflation rates, in sharp contrast to the situation one year earlier. The Phoenix-Mesa-Scottsdale area logged a 2.7% inflation rate for the 12 months through December, the federal Bureau of Labor Statistics reported

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Amazon.com Inc. looks to be getting closer to starting construction on two separate data center projects in southeast Mesa. The company filed requests on Jan. 8 to the city of Mesa’s planning and zoning board asking for site plans to be approved as well as for

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Metro Phoenix led the nation in new manufacturing jobs announced since 2020, according to a report from commercial real estate firm Newmark. According to the report, 14 new manufacturing facilities were announced in Phoenix over that time, adding 15,466 new

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The industrial vacancy rate topped 5% in the fourth quarter for the first time in three years and that trend is expected to continue through 2024 as new supply outstrips demand, according to Colliers’ Craig Hurvitz in a new report. He said the vacancy rate is forecast to stabilize at

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January 10, 2024

Phoenix’s economic growth has catapulted us to become one of the country’s largest and most dynamic cities. This emerging recognition on the national stage has both prompted inventive developments and revitalized our assets as a result of the innovative efforts of our

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Big Sky Medical Real Estate, a national investment manager based in Dallas that focuses on the medical office sector, purchased Blackhawk Corporate Center in Phoenix for $46 million, or $182.29 per square foot, just before the end of 2023. Built

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Investors have earned significant attention since the Covid-19 pandemic run-up in housing demand and prices. With available equity and the ability to make aggressive offers on homes, including all-cash offers, these buyers — ranging from iBuying startups and big institutional players to

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The labor market continues to show resilience, a positive sign of demand for commercial real estate space across property types as we begin the new year. Firms added 216,000 positions in December, according to the Bureau of Labor Statistics, well above the average number of

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After a more-than-sluggish 2023 when it comes to commercial real deals, Marcus & Millichap sees a revival in 2024, according to John Chang, its National Director of Research and Advisory Services. Leading the revival is that the industry is resilient, interest rates have started to

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January 9, 2024

Phoenix is the top market for manufacturing growth thanks to at least 14 major announcements that have been made in the region since 2020. Metro Phoenix was ranked No. 1 out of the 15 top growth markets for largest projected job gains by global real estate firm Newmark Group

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Outperforming retail markets clustered in the Sun Belt region of the U.S., which has benefited from years of in-migration and relatively strong income growth, may continue to be the main driver of retail rent in the year ahead. Per the U.S. Census Bureau, the top eight states seeing the

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The median U.S. asking rent fell 0.8% year-over-year in December to $1,964, according to Redfin, marking the third consecutive decline, following a 2.1% annual drop in November, the largest since 2020. There was only a slight dip of 0.3% recorded in

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One of the top projects to watch in the East Valley could start taking shape this summer. The Ranch, a multi-phased project that’s set to transform more than 300 acres on the southwest corner of Elliot and Power roads in Gilbert, is set to break ground sometime in

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The rapid decline in U.S. office property values may not be over, according to Manulife US REIT. The Singapore-based real estate investment trust has seen the value of its portfolio of 10 U.S. office buildings decline by 8% since June, the REIT reported in a filing with the

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