As the year draws to a close, what were the most competitive rental markets of 2023? RentCafe.com’s 2023 Year-End Report analyzed 139 rental markets in the U.S. and ranked them based on five key metrics for rental competitiveness. The analysis found that Phoenix is the nation’s 59th hottest
The ZIP code surrounding Phoenix-Mesa Gateway Airport area tops all others in the nation for spec industrial space under construction, according to a recent report from CoStar Group Inc. While Valley observers likely realize the Phoenix-Mesa Gateway Airport’s 85212 ZIP has been
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
Industrial starts have fallen by nearly half this year to 66.2 million square feet in the third quarter compared to 100.6 million square feet in the first quarter, according to a report from CommercialEdge. Despite the slowdown Dallas and Phoenix continue to lead in new industrial development. These two markets
Transaction volume in the Phoenix office market dropped to record lows at year-end, according to a report from Kidder Mathews. Here are some takeaways for the Phoenix market: AVAILABILITY RATES hover near record highs at 20.2%, LEASING ACTIVITY dropped to a 15-year low at 1.6M SF in 4Q,
After a lengthy review process, the Scottsdale City Council approved an ambitious $1 billion, 32-acre mixed-use development project called “The Parque” on a site that was once home to the CrackerJax amusement park on north Scottsdale Road. Plans call for a variety of buildings that encompass
Weidner Apartment Homes, a global real estate investment and property management company, announced today that it acquired the multifamily community Broadstone at Dobson Ranch Apartments in Mesa, AZ. The class-A community was developed in 2023 and offers
The Phoenix metro has been one of the top markets for data center development over the past few years. As new projects complete and start construction, the Valley has one of the deepest pipelines of development in the country. “Every major North American data center player is
All eyes are on Phoenix now as major corporations make huge commitments to the market and growth perseveres on all levels in the region. Continuing the momentum from the past few years, the Phoenix area in 2023 saw another influx of advanced manufacturers, distributors and new
The Phoenix region is ending the year with big December apartment sales, including at least two priced at $80 million or higher in the city’s eastern suburbs. Weidner Property Management, based in Kirkland, Washington, bought the 288-unit Broadstone Dobson Ranch, built in 2022 at
Seeing a change in market dynamics and looking to capitalize on a “lifestyle” component to its project, DMB Associates Inc. wants approval for a key amendment at its $1 billion mixed-use development across 120 acres in north Scottsdale. Earlier this month, DMB filed an “amendment to
Pinal County will join one of the largest business groups in the state in a bid to enhance its economic development. The Greater Phoenix Economic Council will assist the county with marketing, business exposure and industry prospects, according to an agreement approved Wednesday
Real gross domestic product (GDP) increased at an annual rate of 5.2% in the third quarter of 2023, a 0.3 percentage point increase from the preliminary estimate, according to the secondary estimate released by the Bureau of Economic Analysis. The increase in real GDP reflects upward
The United States added more than 1.6 million people during the year ended July 1 — the highest annual growth in five years — with the South making the biggest gains while several states in the West also saw significant population boosts. The latest U.S. Census Bureau data
Consumer confidence and apartment demand trend together, according to a new report from RealPage. When consumers feel good about the economy, apartment demand makes notable strides. The University of Michigan’s Consumer Sentiment Index is a monthly survey that measures
A soft landing has been “baked in” for next year (but it is not guaranteed) and the pace of growth for commercial real estate will be slower in 2024 than it was in 2023, according to a new industry forecast video by Marcus & Millichap reviewing its macro perspective based on US
Investment volume in these areas approached $11 billion, accounting for more than one-third of the sector’s sales, according to CommercialEdge data. In contrast to other segments within commercial real estate, the industrial sector’s fundamentals remain solid, even though
Diversified Partners, the leading Scottsdale real estate brokerage and development company, announced the groundbreaking for its Shops at 75th development project, located at 7501 W Bethany Home Rd. in Glendale, Ariz. The groundbreaking ceremony, held on Dec. 11, was attended
The city of Phoenix was a major beneficiary of economic development announcements and growth in 2023 that is also spilling over into surrounding communities. Phoenix saw major announcements in all sectors this year, including in the struggling office sector, the booming retail
Manulife US REIT, a Singapore-based real estate investment trust, sold its best-performing office property to another of its sponsor’s affiliates as part of a $236 million debt reduction and recapitalization plan. Manulife US REIT completed the divestiture of its two-building, 274,700-square
After two years of stellar growth, rents decelerated in 2023, despite demand still at strong levels thanks to a resilient economy. The 2024 Multifamily Outlook from Yardi® Matrix anticipates a year of challenges, including slowing national rent growth. National rent growth
The Valley’s leasing needs evolved during 2023, in what was a transitional year for the sector. Demand for the largest warehouses slowed significantly, but leasing for smaller spaces was still strong across the Valley in 2023 — and is expected to continue into next year. Meanwhile
Canal-oriented development is a tricky thing. In the past few years, our firm has had two rezoning projects approved along the northern bank of the Arizona Grand Canal in the City of Phoenix between Central Avenue and 7th Avenue. The first of those two projects, Aura Uptown at
Home building in metro Phoenix took a hit like the resale market when interest rates started to ramp up last year. But the Valley is still one of the top metro areas for home building and is poised to see more new houses go up in 2024. Just look at the area’s strong job, population
Industrial and multifamily continued in their corrections mode last month, while retail performed best with four months straight of pricing gains, according to data from Crexi that is based on properties in its database. Office occupancy went unchanged in November and industrial