In 2023, Arizona continued to attract record investments as high-tech industries surged. In short: The future is Arizona. The year also saw major wins for workforce development, infrastructure improvements, startup collaborations, supply chain enhancements, rural business expansions and
It has been 36 years since the U.S. had so many apartments available for rent, according to a new RealPage report. And the effect has been predictable: rents have fallen in markets where there has been the most growth, even though demand has rebounded. Indeed, in 4Q 2023 —a traditionally slow quarter
It is possible to run a profitable restaurant — and some people can actually make a lot of money doing it — but it isn’t easy. Restaurant profit margins are notoriously thin, and a recent report found that the cost of operating a restaurant in Arizona is one of the highest in the country. The new study
The recently completed ECO MESA apartment building has transformed a “postage-stamp”-sized infill parcel of land in Downtown Mesa into a community that boasts some of the most sustainable features in the industry. The community of 102 residential units — studio, one-bedroom and
U-Haul announced on Wednesday that Surprise and Queen Creek ranked in the moving company’s top 25 growing cities in the United States for 2023. The U-Haul Growth Index conducted its annual gain or loss assessment of more than 2.5 million trucks and trailers that have
Many U.S. industrial properties began 2023 in a well-leased position and remained that way throughout the year. Even property owners with leases that were expiring were, in most cases, able to renew those leases, often at rents that were more than 40% higher than rents that
A remark many have made to GlobeSt.com over the last year or two is the volume of dry powder sitting on the sidelines, the possessors of the capital waiting for the right moment to leap in and take advantage of the market. Looking for distressed properties. Maybe feeling safe
Lennar Corp. (NYSE: LEN) beat out three other bidders in a fight for prime infill land in an Arizona State Land Department auction on Jan. 3. The 79.85-acre parcel just east of Six Flags Hurricane Harbor Phoenix water park started at a minimum bid of $15.7 million and slowly ratcheted
With 2024 bringing the chance for new beginnings and finding a better job often proving to be more effective at keeping up with inflation than cost-cutting, the personal-finance website WalletHub today released its report on the Best Places to Find a Job in 2024. And Scottsdale
As the New Year rolls in, 2023 is hanging on when it comes to multifamily rent growth. Apartment List reported that the market closed in December with national median rent dropping 0.8% to $1,379. That was the fifth month in a row in which rent growth was negative. Year-over
A plan to develop a long-vacant lot adjacent to Steele Indian School Park was unanimously approved by the Phoenix City Council on Wednesday, despite some opposition from neighbors who claimed a previous version of the project was preferable. The development, called
The Hayden Flour Mill silos and building have stood vacant since the mill closed in 1998. But that’s finally about to change. Last October, the city of Tempe announced the approval of a restoration and redevelopment plan for the historic Hayden Flour Mill, which stands at the corner
EdgeCore Digital Infrastructure, a Denver-based data center developer and owner, has completed a $1.9 billion green loan debt financing to fund the expansion of its data center campus in Mesa, Arizona. The transaction provides a template for several planned financings across
There has been an ongoing curiosity on the part of many, particularly investors, of when the distressed inventory will suddenly hit. For some, it’s a chance to pick up bargains that will eventually regain value. Others are worried about the effect a wave of distressed properties will have on other
Here are the top five homebuilding industry trends to watch for in 2024: Growth in New Construction: While interest rates have had a big impact on the demand for new construction, we expect to see growth in our industry in the coming year, especially if rates go down by mid-2024 as
The Phoenix industrial market delivered a record volume of new deliveries in 2023, according to an analysis from Kidder Mathews. NEW DELIVERIES skyrocketed to a record level 29.8M SF in 2023. RENTAL RATES climbed to a new high of $1.06 PSF NNN. SALES VOLUME increased YOY to
Jobs are heading south once more as population shifts originally driven by the Covid pandemic become entrenched and work patterns changed over a five-year period. Cities in Texas were among the biggest job gainers, according to a RealPage Analytics report. Nationally the Dallas/Fort Worth
There’s nothing new in healthcare mergers and acquisitions. It’s a major way that corporations in the industry have grown in size and profits. But Collier’s National Director, Healthcare for the USA Shawn Janus recently wrote that there are three factors driving M&A to a higher degree. They are
A conundrum for observers of the office market has been the relative resiliency of asking rents in the face of slackening demand that has sent the national vacancy rate up over 400 basis points in four years. Though there are explanations for this phenomenon, there are also signals
Denmark-based DSV Air and Sea Inc. closed Jan. 2 on a $46 million parcel of vacant land at the former GM Proving Grounds in Mesa as it moves forward with plans to build a regional headquarters facility. Mesa BA Land LLC, held through Pacific Proving LLC, sold
Last year took many twists and turns, some of which were forecast and many of which were not. Hopefully we are on a more predictable path this year as many of 2024’s expected themes have their seeds in 2023. Following are my top predictions for 2024. 1. The booming industrial
Multifamily permitting continues to trend down, according to a recent report from RealPage. New York continues to lead the country in permitting but continues to cool, with a total of 22,288 units permitted in the 12-months-ending November. That is down by almost 15,700 units from
A month after voting to continue the project until 2024, Scottsdale’s Development Review Board will once again consider the first phase of Mack Real Estate Group’s major industrial and flex office park. On Dec. 7, the DRB opted for a continuance on the project after a lengthy public
After hitting a 40-year high for completed units in 2023, the U.S. multifamily market is expected to see a 25% pullback next year that should help balance out the market. Roughly 590,000 units were completed last year, according to CoStar data, though only 444,000 units are projected
The Moxy Phoenix Downtown Hotel announced its opening today in the historic Luhrs Building. PEG Companies [PEG], a vertically integrated commercial real estate investment company focused on opportunistic and value-added opportunities, and Dallas-based A.G. Hill Partners purchased