December 14, 2023

Trophy assets might not provide the optimal investment return, given the commotion of the past several years. Instead, Berkadia suggests giving more consideration to Class B. Whether due to its luster wearing off or its leveraged returns have the least cushion to withstand higher interest

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Just like most major real estate transactions, Valley hotels and resorts acquisitions slowed in 2023. But there was still a market for them, especially on the higher end. In 2023, there have been 30 hospitality properties around the Valley that were sold. That’s down from the 46 in 2022

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Phoenix will soon require certain property owners to register with the city. On Wednesday, the city council approved an ordinance creating a vacant property registry. Owners of vacant lots over 10,000 square feet, along with commercial properties and residential properties with more

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In what seems as familiar a tune as “Jingle Bells,” a huge development in North Scottsdale is looking to change its plan – and add more apartments and/or condos. Joining the likes of Optima and Axon, two other mega-projects maneuvering for as many “residential units” as they can

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A Michigan nonprofit that provides training and job opportunities for people with disabilities is expanding its services in Arizona. Why it matters: Arizonans with disabilities have lower employment rates than the general population and are more likely to live in poverty, according to the

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December 13, 2023

The nation’s central bank is about to make its last big decision of 2023. It could signify good things to come for Americans in the new year. On Wednesday, the Federal Reserve will announce whether it will continue its pause on interest rate increases, and market-based predictions

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Every year, AZ Big Media, which publishes both PTK and AZRE magazines selects Arizona’s top people and projects to showcase in its premier commercial real estate magazine — PTK — from an impressive and competitive nomination pool. Here are the 50 commercial real estate

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Construction challenges, retailer demand and the prospects for 2024 were the talk of the organization’s annual New York City event. Attendees at ICSC’s annual New York City conference presented a wide range of impressions of the diverse sector. Upbeat projections for leasing

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Arizona’s economy didn’t grow much in 2023, and the following year won’t fare much better. But the state and its residents should count their blessings, said one of its most respected financial experts. “The U.S. economy is experiencing slower growth with moderating inflation but appears

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Multifamily developers are bracing for the uncertainty of 2024 as their projects are delivering into a landscape where new supply is outpacing demand by a significant margin. In the third quarter, a total of 114,000 new multifamily units were delivered in the United States compared to 82,100

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December 12, 2023

Inflation is coming down, but not without some twists and turns. Overall inflation eased again in November, as a drop in gasoline prices offset another increase in rent. But an underlying measure that the Federal Reserve watches closely stayed elevated, possibly buttressing the case

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Tuesday’s Consumer Price Index data came as welcome news as far as the National Multifamily Housing Council is concerned. However, wrote Chris Bruen, NMHC senior director, research, there is a lag between asking rents (which have moderated for more than a year now) and what

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The nation’s central bank is about to make its last big decision of 2023. It could signify good things to come for Americans in the new year. On Wednesday, the Federal Reserve will announce whether it will continue its pause on interest rate increases, and market-based predictions

Read The Full Article...

As Tempe looks to meet the needs of today and tomorrow, Mayor Corey Woods said the city will have to grow up, rather than out, during his State of the City address on Friday. Woods, who gave his speech at the newly opened Omni Tempe Hotel at Arizona State University, said there are

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In RentCafe.com‘s latest apartment space by zip code analysis, we crunched the numbers to help renters find that sweet spot between ample space, great location and good value. For this, we used a monthly rent budget of $1,700 — which is the national average rent — and we

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December 11, 2023

The Phoenix retail market recently hit an inflection point that hasn’t happened in at least 15 years. The share of space available to lease declined to 4.6% in the third quarter, surpassing the 4.9% U.S. level. In the decade leading up to the onset of the pandemic, Phoenix carried a structurally

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Scottsdale-based multifamily developer Greenlight Communities is nearing the completion of 4,000 workforce housing units with even more in the pipeline aimed at helping address the lack of affordable housing in Arizona. Since 2018, Greenlight has invested more than $800 million

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In what seems as familiar a tune as “Jingle Bells,” a huge development in North Scottsdale is looking to change its plan – and add more apartments and/or condos. Joining the likes of Optima and Axon, two other mega-projects maneuvering for as many “residential units” as they can get

Read The Full Article...

Heading into 2024, the Arizona economy continues to churn out solid job, income, and sales gains. The state labor market remains tight, but there are modest signs of softening in the unemployment rate, quit and hire rates, and labor compensation. Inflation in Phoenix has decelerated

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While high interest rates are prompting many sellers to drop prices at a record pace nationally, 19.22% of homes in the Phoenix metro market are still selling above the listing price. That’s according to a new analysis of data from Redfin Corp., which found 32% of homes nationally sold

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December 8, 2023

Multifamily and neighborhood retail continue to perform well, and industrial is showing signs of softening. But the future of office is uncertain as central business districts evolve. However, the commercial real estate outlook for 2024 remains largely unchanged from six months ago. “Overall, the outlook

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Brace yourselves for a transformative wave of prosperity as the Town of Queen Creek and other cities in Pinal County and the Southeast Valley emerge as the epicenter of economic growth. Historic milestones will reshape the future of multiple communities, including Queen Creek, where

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The revamped plans for Pivotal Group Inc.’s The Central Park took a big step forward Dec. 8. Phoenix’s Planning Commission recommended approval of the project with updated stipulations on a 5-0 vote, but only after a lengthy public comment discussion between commission members, the project’s

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Preleasing for the 2024-25 school year is already off to a fast start, according to Yardi Matrix’s National Student Housing Report. Preleasing reached 25.2% for the Yardi 200 in October, which is ahead of the record-setting 10.4% pace seen one year ago. The strong preleasing is indicative of early

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It’s no secret that home loan interest rates are at generational highs and reducing the purchasing power of first-time and repeat homebuyers as a result. While mortgage rates will hopefully decrease from recent highs over the next year, they’re unlikely to return to the all-time lows available just

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