As much as 1.4 billion square feet of U.S. office space could become functionally obsolete by the end of the decade. That’s according to a new analysis by Cushman & Wakefield PLC (NYSE: CWK), which examined which categories of
Development of industrial and warehouse construction projects accounted for a major part of commercial real estate expenditures nationwide in 2022. With the Phoenix metro being one of the fastest-growing industrial markets in the country,
“The world has changed and so has the world of development,” says Charley Freericks, senior vice president of Catellus Development Corporation. “Three years of living with COVID-19 has created new economic pressures, social inequities and a
When it comes to commercial real estate development, Arizona is the second highest ranking state in the U.S. for overall contributions of real estate to state GDP of $91.3 billion, $41.2 billion in direct spending, $37 billion in personal earnings, and
Pei Wei Asian Kitchen, a fast-casual restaurant chain that once was headquartered in Scottsdale, has plans to open several new locations around the Valley in 2023. The company, which is now based in Dallas after separating from
Ideally located near the Scottsdale Quarter, San Bellara takes traditional apartment living to the next level. Mark-Taylor Residential, Arizona’s leading developer, owner, and investment manager of multifamily communities, announced the grand opening
Buying and lending expectations are in flux in most commercial real estate sectors as investors and lenders plan to significantly reduce their activity in 2023 due to rising interest rates, economic uncertainty, and associated impacts on values, according to
U.S. commercial property prices, particularly for apartments, declined in January as high interest rates drove the number of transactions to new lows. CoStar Group reported lower prices in both of its closely watched composite indices that
WASHINGTON — In recent weeks, Gina Raimondo, the commerce secretary, has talked with Sen. Mark Kelly of Arizona, spent time with the president of Arizona State University and appeared at a conference with the mayor of Phoenix. Their discussions centered on
A master developer of Phoenix-Mesa Gateway Airport land moved forward on a new industrial park. That developer, SkyBridge Arizona, broke ground on the first of two new buildings on Feb. 21, which will become a 250,000-square-foot class
A crucial water source in the American West, the Colorado River, is drying up at a startling rate. The Biden administration has committed an unprecedented $728M to the problem, and the seven states that rely on the river’s supply have been
Several retail and restaurant tenants at Epicenter, a much-anticipated mixed-use community and retail destination in Gilbert’s Agritopia development, are set to open in the next month. Matt’s Big Breakfast, the popular Phoenix breakfast spot, has
The average home price in the Phoenix metro remained flat between December and January after about six months of declines, according to Redfin data. Why it matters: Any relief from the sky-high home prices we saw a year ago is welcome, especially as
Target Corp. is making a big investment to expand its next-day delivery capabilities across major U.S. markets. The discounter said it will spend $100 million to expand its package-sorting network (dubbed sortation centers) to more than
The Federal Housing Administration (FHA) on Wednesday morning announced a 30 basis point reduction in the annual premium charged to mortgage borrowers. The cut, widely anticipated by the industry, will result in
It’s been a tremendous start to 2023 for hotel investors who are enjoying record sales for quality assets in highly desirable and growing markets, according to a report from JLL. The sale of the Diplomat Beach Resort in Hollywood, Fla., was the
The housing market has been rapidly evolving. Home prices surged in 2020 as mortgage rates plummeted, and over the past couple of years, we’ve seen a slight cooling of the market as mortgage rates increased. But what does the future hold?
Health-care real estate continues to thrive, and investors can’t get enough of the sector, according to JLL’s Valuation Advisory Group’s inaugural Healthcare Investor Survey and Trends Outlook. Transactions in the sector climbed to
Dan Walsh doesn’t like to use the word “facility” when describing Clarendale Arcadia. “A facility is really what the old retirement centers used to be called. And they looked and smelled like a facility,” Walsh said.
Multifamily will likely experience little distress this year, despite a deceleration in debt origination since the beginning of 2022. Activity has “gradually decelerated” since Q1 2022, the second-best quarter on record for debt originations, according to
The state of Arizona and local counties and municipalities are expected to collect more tax revenue from hotels in 2023 than in any previous year, according to projections released Tuesday by the American Hotel & Lodging Association and Oxford Economics.
Affordability and water are the most pressing concerns in the Mountain West, according to the annual Conservation in the West poll released Wednesday. By the numbers: 78% of residents in eight Mountain West states rank cost of
Repurposing commercial properties into multifamily housing is growing more common across a variety of real estate markets and can provide a critical source of housing where shortages persist, according to a new report from
Fresh off acquiring the ground lease to 18 acres of Scottsdale Airpark land, Creation Equity is ready to build what it thinks will be a coveted industrial center. The Phoenix developer is planning an industrial project called
Ecobat, reportedly the world’s largest recycler of batteries, will build its third lithium-ion battery recycling facility—and its first in North America—in Casa Grande, Ariz. The facility is intended to initially produce an estimated 10,000 tons of