Nearly 10 years out, the Great Recession’s effects can still be felt in households around the country, perhaps especially in renter households, which are at their greatest number since 1965, notes the Pew Research Center.
Glendale will see more economic opportunities by way of 1,400 acres undergoing annexation into the city. City Council is expected to approve the annexation later this year. Planning Commission is holding a special workshop this Thursday on a proposal to rezone the land generally located north of Northern Avenue, south of Peoria Avenue, west of 143rd Avenue and east of Reems Road.
When it comes to the revitalization of downtown Phoenix’s nightlife, there have been many players — Modified Arts, the Trunk Space, the Lost Leaf — but Charlie Levy and Tucker Woodbury have drawn the most attention as of late. Woodbury is out front, willing to talk about his ventures as a partner at Genuine Concepts, which runs almost 20 bars and restaurants throughout the Valley, including the Vig and Cobra Arcade Bar in downtown Phoenix.
In June, the Fed voted to raise interest rates for the second time this year. The first rate hike occurred in its March meeting, just after deciding to raise rates three months before in December 2016. Williams explained that as the economy continues to improve, it doesn’t need as much help from the Fed.
Tuesday’s Commerce Department report of a major boost in U.S. retail sales in July, combined with a stronger-than-expected jobs report earlier this month, suggests that the U.S. economy continued its slow but steady expansion in the third quarter. Usually, record highs in the stock market, strong economic indicators and stable fundamentals across U.S property and capital markets would be cause for investors to plunge headlong into the property market
As Chandler’s booming Price Corridor continues to grow, area home buyers are driving a new demand for luxury urban living which is fueling new developments like The Cays at Downtown Ocotillo, one of the area’s first upscale condominium developments. In the past decade, Chandler has gained over 100,000 new residents bringing the total population to nearly 255,000 people, according to the City of Chandler
The nation’s two largest public pension funds reported strong returns from their real estate investments for their fiscal years ended June 30. The California Public Employees’ Retirement System (CalPERS) reported preliminary net returns of 7.6% for its real estate holdings – 43 basis points over its benchmark performance. CalPERS holds $331.7 billion in total assets with real estate making up $30.1 billion of that
Varsity Tavern, a sports bar and restaurant, will take over the old Hooters space on Mill Avenue in Tempe. The new location, at 501 S. Mill Ave., will be Varsity Tavern’s first outside of its native Texas. It will occupy the upstairs space, where “breastaurant” Hooters closed in 2015 after 20 years. Gringo Star Street Bar will remain open on the first floor of the building
Wal-Mart Stores Inc. (NYSE: WMT) reported earnings today as it navigates an oversaturated retail sector, takes on Amazon.com Inc. (NYSE: AMZN) and secular changes in favor of e-commerce. There’s also some sentiment among retail industry and Wall Street analysts that it might not be Walmart chasing e-commerce giant Amazon. “If you asked me a year ago, I would have said Walmart is chasing Amazon
Office building owners and developers pondering how to bridge the urban-suburban gap may want to set their sights on what you might call “urb-suburban” settings. What’s urb-suburban? It’s one way to describe the mash-up of suburban office locations in walkable settings with easy access to urban-style amenities like transit, housing, restaurants and retail. Owners and developers of suburban offices that fail to embrace the urb-suburban vibe might find it harder to justify new projects
When college students come back to campus for the fall, they are focused on reconnecting with friends, stocking up on school supplies and learning their class schedules. But for landlords, the days leading up to the start of the semester are a hectic whirlwind as they undertake the herculean task of preparing a large apartment building for a surge of simultaneous move-ins. In a typical multifamily building, property managers gradually move tenants in and out throughout the year
The Standard has sold for $43 million. The complex has 134 units. That translates into $320,896 per unit. That’s a record in the Phoenix market, according to BREW. The buyers are a Hollywood-based group called Studio Management Services Inc. bought the Scottsdale complex from a joint venture called PBB-TRG Valley Ho LP. The entity buying the Scottsdale apartments has ties to the family of the late Jack Singer, a well-known Canadian developer and businessman
TORONTO—Office fundamentals across 64 major markets in the Americas and Europe remain solid, with nearly two-thirds of the metro areas seeing year over year vacancy declines, according to Avison Young’s midyear report on the sector. However, these markets are also feeling the effects of disruptive trends. “The office sector and commercial real estate, in general, are not immune to the effects of globalization and technological innovation,”
The restaurant business has always been fickle. Capital-intensive, heavily leveraged, and highly sensitive to ever-changing consumer desires, restaurants often find themselves straddling the line between profitability and vulnerability. Over the past 24 months in particular, the restaurant industry has seen its fair share of headlines ranging from bankruptcy announcements to store opening announcements
Sunshine, affordable housing and lower taxes are drawing more Baby Boomers to Arizona. Many in this huge group don’t want to retire like their parents but are picking the same state to do it in. A couple of new rankings show Arizona, and particularly several Valley cities, are the most popular for Baby Boomers to move to after they stop working full time
WASHINGTON, DC—Builder confidence in the market for newly-built single-family homes rebounded in August, rising four points in August to a level of 68 on the National Association of Home Builders/Wells Fargo Housing Market Index. All three HMI components have posted gains for this month. The component gauging current sales conditions rose four points to 74 while the index charting sales expectations in the next six months jumped five points to 78
At 2017’s halfway mark, mall REITs continue to manage the fallout from anchor store closures, in-line tenant bankruptcies, single-digit NOI growth and a stock market determined not to overvalue their underlying properties. Regional mall REITs delivered a negative year-to-date return of 11.7 percent, according to NAREIT’s analysis of how 30 retail REITs performed by July 31. However, mall REIT’s chief executives remained optimistic that they still had solid strategies to deliver value to shareholders
For years, apartment owners having been trying to get out of the package business. The long-rumored Amazon entry into the package locker business could offer them that opportunity. Last week, Endgadet’s Mariella Moon reported that Amazon is launching its package locker solution, called The Hub, for apartment owners. To access packages, residents will enter a pickup code onto a digital screen and a corresponding door with the package will open
A monthly index of builder sentiment rose 4 points to the highest level since May. The National Association of Home Builders/Wells Fargo Housing Market Index now stands at 68. Anything above 50 is considered positive sentiment. The index was at 59 last August. Builder sentiment had jumped to a cyclical high in March, following a move by the Trump administration to ease water regulations
PHOENIX – Almost everywhere you look around the Valley, jobs are on the rise. In fact, the University of Arizona Economic and Business Research Center says, “the state continues to outpace the nation in job creation.” The Valley added 60,200 jobs in 2016. Thousands of them were in the healthcare and bioscience sectors, where jobs are growing three times the national average. This is thanks, in part, to incentives from the state and cities, including Phoenix
Current supply and demand trends in the U.S. multifamily and single-family markets are sending some confounding signals to investors. On the one hand, U.S. apartment construction has reached a post-recession peak, driven by demand for high-end luxury properties in the largest CBDs. On the other hand, both multifamily and single-family housing stock remain well below long-term averages that are not nearly enough to house the millions of millennials now entering their 30s and starting families
With all the talk about aging baby boomers and life-extending health care advances, it might be a bit bewildering deciding which seniors housing assets are best primed for success. Lee Everett, managing consultant at research firm CoStar Portfolio Strategy, might be able to provide some clarity. Two product types—active adult communities and continuing care retirement communities (CCRCs)—will be the winners in the seniors housing race both in the short and the long term
Commercial real estate lending in the United States continued to grow in the second quarter, led by a surge in commercial mortgage–backed securities (CMBS) mortgages, according to the latest research from CBRE. Despite an increase in short-term interest rates by the Federal Reserve in June, capital markets remained favorable in the second quarter, with rising equity prices, tight spreads, and limited volatility
Back in the depths of the Great Recession, Maricopa was in the national spotlight for all the wrong reasons, including being dubbed “A Paradise Lost” by the Wall Street Journal due to all the abandoned home developments. Now this booming city of 50,000 is once again the state’s fastest growing community, and also boasts one of Arizona’s highest average incomes. But all that residential growth has come at a high cost to the City of Maricopa
Henley USA, a Boston-based division of Henley Investments, a UK-based private equity real estate investor, has acquired two large apartment communities totaling 481 units in suburban Phoenix. The properties were acquired by Henley Modern Residential, a new partnership between Henley USA and Arizona-based Modern Residential, a multifamily real estate team headed by Mitchell Bradford. As part of the transaction, Henley purchased the following properties from Mentor Properties