Arthur L. Pearce, whose well-known Valley family had operated Pearce Beverage Co. as a distributor for Coors beer for decades, recently sold 2.57 acres of land near the Arizona Diamondbacks’ Chase Field in downtown Phoenix. The buyers had previously owned two properties
Industrial and logistics rent growth has tempered a bit from its unprecedented high rate of the past 24 months, according to Colliers, which expects 2024 to see rates fall in line with the historical averages of between 3% and 8%. With supply increasing while demand slows, rent growth
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
It was a year ago that many in the industry were predicting improved conditions in 2023, with price discovery, more transactions, and all-around better markets. The optimism didn’t last long, with continued interest rake hikes, bank failures, skittish lending, plunging transaction counts, and falling
1. The rise of the physical store. Research shows that improving customer experience remains the number one priority for businesses. The rise of the “phygital” store is the result of a fusion of physical and digital retail strategies to create a cohesive customer journey. The phygital approach
Jobs, jobs – and more jobs. With an estimated 25% of the city’s population in the retirement range of 65 and older, many Scottsdale residents are not looking for work. Yet, in recent months, companies have announced plans to hire thousands in North Scottsdale alone. The Parque
Legacy Sports Park, the 320-acre sports complex in southeast Mesa that ran into financial trouble earlier this year, officially has a new name as of Dec. 14. AZ Athletic Associates LLC, a company founded by San Francisco-based private equity firm Burke Operating Partners LLC and Rocky
Courtyard Towers, a 132,362-square-foot residential building in Mesa, Arizona, was sold late last month for $12.68 million, or about $72,017 per unit. Tempe-based Okland Construction sold the property to an individual investor based in Scottsdale. Located at 22 N. Robson and constructed
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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