Commercial and multifamily mortgage loan originations were off 25% year-over-year in the fourth quarter of 2023 compared to a year earlier, and were up 13% from Q3 2023, according to the Mortgage Bankers Association’s (MBA) Quarterly Survey of Commercial/Multifamily
Homebuilders are busy buying lots and building model homes across metro Phoenix in a sign of increasing optimism in the residential real estate sector. R.L. Brown Housing Reports tracked 1,053 land transactions with 30,617 acres and 14,194 lots purchased in 2023 in
Gen Z may prioritize job opportunities and sunshine over affordability when moving out of state. A new Zillow analysis of the U.S. Census Bureau’s 2022 American Community Survey (ACS) finds Gen Z interstate movers flocked to California, even as the state experienced the
PHOENIX – Arizona’s second consecutive wet winter is big win for the Valley’s water supply. Salt River Project’s reservoirs, which the utility uses to feed the metro Phoenix water system, were 83% full as of Wednesday, up from 79% at this time last year. “That really gets us through a
A nearly 2,000-acre data center and technology campus could be developed west of Phoenix in a new corridor the city of Buckeye is looking to establish around its airport. The Buckeye planning commission is scheduled to vote Feb. 13 on creating a designated technology
Metro Phoenix renters are finally getting a break. Valley rents have stopped their heady increases and are down in most areas. Also, Arizona legislation has been introduced to give tenants more help. It’s needed after metro Phoenix led the nation with a 30% rent hike in
The Greater Phoenix office market, like nearly all large cities across the nation, is struggling with negative net absorption in the post-pandemic economy. Despite negative net absorption totaling -1.7 million square feet during 2023, the Phoenix market continues to experience rising
California-based Menlo Equities has proposed to replace a mostly vacant Phoenix office park with a 1.1M SF research and development hub that will combine data centers with R&D space. The project, to be known as the East Thistle Data Center, envisions five buildings
After being placed in a receivership following its ownership’s failure to make mortgage payments, a buyer has been lined up to acquire the Adero Scottsdale resort. The 177-room property in Fountain Hills, which used to be the CopperWynd Resort before a massive renovation and
While it’s a hyperbole to call the recent turn in retail’s fortunes a renaissance, it almost seems appropriate considering parts of the sector were left for dead not long ago. The past year was an endurance test of sorts for the industry, which proved to be both resilient and able
Different angles on data can bring different analyses of the same time period. That’s important for investors and developers because one part of an overall market may be in much better shape than another. In this case, there’s an interesting comparison between single-tenant
A billion-dollar beauty – or beast, depending on one’s perspective – is on the way. After successful “luxury condo and apartment” projects in Kierland and across the Valley, Optima is charging ahead with Optima McDowell Mountain Village in North Scottsdale. Construction has
Creation, one of the country’s leading commercial real estate developers, broke ground yesterday on Thunderbird Commerce Park, a $60 million industrial center set on a rare 18-acre parcel within Scottsdale Airpark. The developer commemorated the milestone by hosting
The federal government said it will invest more than $5 billion in a national public-private consortium that will support research and development of advanced computer chips. White House officials on Friday announced plans to invest in the National Semiconductor Technology
In the past two years, the Valley employees of real estate firm Vestar have been dedicated to planning and leasing Verrado Marketplace, a $125 million power retail center that’s slated for 500,000 square feet of new commercial space west of Phoenix. Developing and securing
As land around the major freeways in the West Valley continues to be built out, city leaders have already started looking ahead to the next wave of growth. It’s known as State Route 30. The proposed 29-mile Tres Rios Freeway is set to be a transformational link and economic
Creation, one of the country’s leading commercial real estate developers, broke ground yesterday on Thunderbird Commerce Park, a $60 million industrial center set on a rare 18-acre parcel within Scottsdale Airpark. The developer commemorated the milestone by hosting a
BlackRock is not the only firm that declares now is the ideal time to invest in CRE. Things have been bad for investors, but they’re on the way to get better, says DoubleLine, in another sign that a degree of optimism is returning to the markets. In a new report, the firm
Years after his dramatic ouster, WeWork co-founder Adam Neumann is looking to boomerang back with a potential bid to buy the flexible workspace provider out of bankruptcy. In a letter to WeWork’s legal advisers, the former CEO’s new real estate startup, Flow, revealed an interest in
Despite previous forecasts, new multifamily development exceeded expectations in 2023. In part, the performance of this sector was due to a stronger-than-expected first half of 2023. In addition, data now suggests affordable and single-family housing are now significant
Venue Projects, a developer of some of the Valley’s high-profile redevelopment and adaptive reuse projects, now aims to develop a trailer park site in Phoenix. Venue Projects on Feb. 6 presented Wonderview at Highland to the Camelback East Village Planning Committee for
Two big buyers of healthcare properties have invested $86 million in Phoenix, South Florida and the Chicago area, adding to their run of acquisitions in recent months. Remedy Medical Properties and Kayne Anderson Real Estate bought the properties from Flagler Healthcare Investments
For the first time in months, year-over-year Metro Phoenix housing data for January 2024 showed more positive trends than negative movement, according to Phoenix REALTORS®. “Coming into January, we believed that 2024 was going to be better than 2023,” said
Just the other day, an analysis from Apartment List declared a month of negative rent growth along with the other five that had gone before. Median rent is down by 3.5% since the peak during the summer of 2023. “The only period that brought a sharper decline was from September
A mixed-use project at a key intersection in the southeast Valley took a big step forward on Jan. 31 — and has a new name. Scottsdale-based Diversified Partners LLC broke ground on a new mixed-use development on the corner of Elliot and Ellsworth roads, which will bring