A Chicago firm known for its lushly landscaped and eco-friendly residential developments expects to break ground this year on a luxury mixed-use project in Scottsdale near Phoenix. Optima paid $44.8 million to buy
A new analysis by the Arizona Department of Water Resources says there’s not enough water for development in the far West Valley, which relies heavily on groundwater and is one of the fastest-growing areas in the state. The report found a
Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced today the development of The Maddox, a 252-unit, Class A multifamily community in
Some good news on the inflation front, but probably not good enough to make the Fed change its direction yet. The Consumer Price Index for All Urban Consumers (CPI-U) — the standard measure that is discussed — actually declined by
During the fall, many sources told GlobeSt.com that the general forecast for commercial real estate was uncertainty and more than the odd person or institution holding onto unrealistic expectations. As Barry Saywitz, president of national brokerage
Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading multifamily developers, announced today the development of The Maddox, a 252-unit, Class A multifamily community in the Phoenix suburb of
An unprecedented all-time high of 26M SF delivered in 2022, expanding the market’s inventory by almost 10%. The Phoenix metro ranks among the top five markets in the nation for industrial construction activity, with a massive 45M SF currently underway.
Economists rely on many data points for insight into how the economy is faring, as each on its own can at times offer confusing signals, especially at turning points. For example, for many months, most data have pointed to a labor market that remains
Owners of a pair of Chandler projects look to hear possible next steps on Thursday night. Chandler City Council will consider rezoning a 3.6-acre site, making way for the Avenir office-medical building. The proposed development would bring a
A Las Vegas developer that has been active across greater Phoenix in recent months plans an industrial park in the West Valley as construction stays brisk in the region despite a national pullback by industrial developers.
Near the end of the first year of the Covid-19 pandemic, one Washington-based company decided it was time to search for a new facility to house its global distribution operations. The company, Everett, Washington-based Funko Inc., was no exception
Flagstaff and Prescott typically have the lowest housing affordability in Arizona, but not this last quarter. In the second quarter 2022, only 22.3% of homes sold in the Phoenix metro were affordable to those earning the median family income according to
Luxury retail shoppers and their typically higher household incomes are showing up in Sunbelt markets ready to spend and retail centers are taking notice. No longer mostly consolidated in New York and Los Angeles, areas such as
Most business leaders in Arizona are expecting a recession and sustained higher costs this year, but they don’t seem to be letting that dampen their optimism too much. That comes from JPMorgan Chase’s 2023 Business Leaders Outlook report, which was
Retail landlord Macerich has closed on or is in the process of refinancing or securing loan extensions just shy of $1.4 billion for four of its malls and shopping centers. The Santa Monica, California-based real estate investment trust said Monday it had
A global company known for manufacturing high-tech materials based on specialty glass — used in everything from stovetops in the kitchen to microscopes in the laboratory — is making Phoenix the base for its U.S. diagnostics division.
Demand for new apartment leases has “all but evaporated” as consumer confidence remains low and inflation continues to rise, according to the latest data from RealPage. In other words, say farewell to the days of record-high household formations.
Inflation and the higher interest rates accompanying it have finally begun to curtail the largest commercial real estate construction boom by square footage recorded for any property type in the U.S. since the 1980s. About 134 million square feet of
There are still a lot of reasons to invest in apartment properties—despite uncertainties and surprises both in apartment markets and the larger U.S. economy. Net demand for apartments ended in negative territory for calendar 2022, according to Real Page.
Scottsdale-based El Dorado Holdings Inc. has plopped down $82.7 million for 4,150 acres of vacant land at a time when the economy has caused land deals to come to a screeching halt. Plans call for developing a master-planned community that will
The recent move to stable and even falling rents in many markets is affecting multifamily investment and those who operate apartment buildings. Buyers could find challenges when working with their lenders, and given inflation now
Another month, another set of stronger than expected jobs numbers. Nonfarm payroll was up by 223,000 in December and unemployment dropped to 3.5%. And then, average weekly earnings in December hit $32.82, for 4.6% year-over-year growth.
The six-story Hilton at Cavasson features 237 guest rooms, resort-style amenities, and a 15,000 square-foot event center. The full-service property also boasts a top floor event space and terrace overlooking the McDowell Mountains. In addition Scottsdale’s newest resort will have
Homebuyers in metro Phoenix are gaining some leverage heading into 2023, as Phoenix topped Knock’s list of the top five buyer’s markets for 2023 for the third month in a row. The Knock Buyer-Seller Market Index 2023 forecast released
Merriam-Webster’s 2022 word of the year was gaslighting — a form of deceit where someone is manipulated into questioning the validity of their own reasoning — but there was a well-known noun burning in the minds of many last year: inflation.