The US economy has continued to show remarkable strength over the past year despite a barrage of warnings from CEOs and economists that a recession is on the horizon. Even the most recent batch of jobless claims data shows just how resilient the jobs market, and therefore economy, continues to be, with
New documents have been submitted for high-end restaurants, retail and residential on a prominent corner of Scottsdale. Earlier this month, Stockdale Capital Partners filed plans for “Scottsdale City Center,” which is phase two of a mixed-use development in Old Town Scottsdale. This latest phase, proposed on
Optima Kierland is finished – finally. Optima announced the grand opening of 7190 Optima Kierland, the fifth and final Optima tower at Kierland in North Scottsdale. The 10-story tower has 216 units including studio, one-, two-, three-bedroom and penthouse apartments
PHOENIX — Roads are congested. Wait lines are – yet again – a drag. The snowbirds have returned. That’s right. Tourism in Arizona is bustling, and it’s busier than ever. Tourists across the state spent $28.1 billion in 2022, equating to $77 million spent each day, according to Lisa Urias, director
June posted month-over-month increases in home sales (up 5.4% from May) and inventory (up 7.2%) while year-over-year activity continued to trail the strong results of early 2022. June 2023 home sales were 18.7% below last June’s, contributing to a first-half 24% decline in closings compared to the first half
The Arizona Center, Phoenix’s original downtown entertainment destination located at 3rd Street and Van Buren, was recently sold for $27 million, according to Vizzda. In 2019, the retail and office center completed a $25 million makeover, which included new creative office space, outdoor work stations, shopping
Low inventory may not be good for potential homeowners shopping for a home but it’s keeping builders feeling a bit more confident that there are buyers eager for new single-family homes. This was the conclusion from the National Association of Home Builders (NAHB)/Wells Fargo Housing
New documents have been submitted for high-end restaurants, retail and residential on a prominent corner of Scottsdale. Earlier this month, Stockdale Capital Partners filed plans for “Scottsdale City Center,” which is phase two of a mixed-use development in Old Town Scottsdale. This latest phase, proposed
With the ease of online shopping and the pandemic forcing folks indoors, the future of retail was hazy only a few years ago. Today, the outlook for the sector is brighter than expected. Avison Young’s quarter one (Q1) 2023 Phoenix retail market report notes that retail inventory (of spaces more
The former Mesa General Hospital building – where generations of Mesa residents were born or received cardiac care and other services – was demolished without fanfare in February and is slated to see new life as a 180-unit apartment complex. The northern portion of the property currently
Over the next 12 months, the U.S. commercial real estate sector will grapple with the reality that three-quarters of a trillion dollars in loans are scheduled to come due this year and next. Within the context of $4.5 trillion in U.S. commercial real estate debt, this juncture could be a turning point that shapes
The economic soft landing that so many were looking for is still at play, according to many economists and the expectations of markets. Great if it happens, but it’s unclear whether the Federal Reserve, in its oft mentioned role of “the chaperone who has ordered the punch bowl removed just when the
Unical Aviation Inc., a leading aircraft parts and components provider, has relocated its corporate global headquarters out of the greater Los Angeles area to the Phoenix metro with plans to hire 80 new employees. Unical, which serves the global commercial aerospace market, started moving
Phoenix plans to sharply reduce the minimum number of parking spaces it requires apartment developers to build in an effort to improve housing affordability and the environment. The most significant changes would apply to apartments in downtown and midtown near light rail. Residents, who are
After three powerful years of household formation growth ending last year, Harvard University’s The State of the Nation’s Housing report says growth will likely slow. The report has seen it most prominently in professionally managed apartments, thanks in part to rising rents and the increased number
Shifting consumption patterns and evolving behavioral trends are influencing the types of tenants that are expanding in the Phoenix retail market. Analysis of historic leasing activity reveals that experiential retail — including bars, restaurants and fitness-related — have gained market share over goods-oriented
One step forward, one step back, according to the Q2 2023 Phoenix metro office reports from commercial brokerage firms Avison Young, CBRE Group Inc. and Cushman & Wakefield. While net absorption rates for the Valley market seemed to be inching closer to a state of equilibrium during
The boutique commercial real estate company IndiCap, who specializes in industrial investment and development in Arizona along with Colmena Group, a real estate development and investment company headquartered in Salt Lake City, and Arizona-based Langley Properties announced today, after a near 18 month
A new Target, Harkins Theatres and more could be some of the first tenants secured for the planned Verrado Marketplace shopping, entertainment and dining center in Buckeye, according to city documents. The $125 million Verrado Marketplace was announced in 2022 by Phoenix-based Vestar and
JLL’s recent chart of the week, showing gross office leasing activity, presented what might be a surprise given the doom and gloom the sector faces. Leasing activity improved in the second quarter with the fastest growth rate since 2021 Q2. However, tempering the good news somewhat is context. The 41.9 million
A new McKinsey Global Institute report estimates that by 2030 across nine “superstar” cities — Beijing, Houston, London, New York City, Paris, Munich, San Francisco, Shanghai, and Tokyo — there could be a projected loss of $800 billion of office value in real terms. And that’s the
U.S. hotel transactions slowed in the second half of 2022 amid hopes that pent-up capital, a better grasp on pricing expectations and a slowing of interest rate increases could translate to more deals in 2023. That didn’t quite happen, at least in the first half of the year. Capital is still pent up. The cost
Typical home values eclipsed $350,000 for the first time ever as healthy demand from buyers continues to collide with reluctant sellers, according to the latest Zillow Market Report. The June Zillow Home Value Index for Phoenix was $448,032, a month-over-month increase of 1% and a monthly mortgage
Supply continues to outpace demand across the country with 520,000 new units expected to be delivered by the end of the year. “Over the past six quarters, supply has continued to outpace demand and the second quarter of 2023 was no exception,” Jay Lybik, National Director of Multifamily Analytics
What’s “normal” when it comes to renters seeking apartments? It depends, of course, on the economy and what units are available at the times when numbers are analyzed. In the case of apartments needed, what’s happening now is that the current rental market is stronger than its immediate past