Pennrose Properties has broken ground on Garfield Housing Phase II, a 60-unit affordable housing project for seniors in Phoenix. The development team includes the City of Phoenix, Butler Housing Co., CBC Financial Corp. and the Arizona Department of Housing. The architect
At face value, the numbers could be considered alarming. According to a recent report in CommercialEdge, the total office debt nationwide is $920 billion, with nearly $150 billion of mortgages set to mature by the end of 2024. Furthermore, more than $300 billion of mortgages are slated to
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. Each day we will highlight 20 different categories of People
Nearly one-third of all debt in the sector will come due by the end of 2026, a CommercialEdge market bulletin shows. Net income for office properties has grown harder and harder to maintain as the number of challenges for the sector has continued to grow. The national vacancy rate as
Metro Phoenix is expected to be one of the hottest U.S. real estate markets in 2024, according to a national survey. The Phoenix area ranked No. 2 on a list of the top U.S. areas to watch for growth, commercial real estate development and investment next year, according to Urban Land
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. Each day we will highlight 20 different categories
Dick’s Sporting Goods reported better-than-expected third-quarter earnings and sales and raised its full-year profit outlook. It was a return to form for the nation’s largest sporting goods retailer, whose second-quarter profit dropped 23% amid theft and markdowns. Dick’s subsequently
Omnichannel buyers are more loyal than digital-only buyers…and they spend more. The State of the Industry: The Omnichannel Grocery Shopper report, announced today by Grocery Doppio, presents findings from a study conducted jointly by Incisiv and FMI—The Food Industry
Average Retail Lease Size Falls to New Low in 2023. The retail landscape continues to undergo a significant, long-term shift in response to changing consumer behavior. This transformation has included both a change in the types of tenants leasing retail space and how certain
Analysts caution that interest rate cuts do not guarantee a ‘soft landing’. So investors should be careful what they wish for. Investors have been waiting for central banks to start cutting interest rates since the Federal Reserve delivered its first rate hike of the cycle in March 2022. Now, it looks
Phoenix has one of the highest numbers of hotel rooms under construction nationally, but the construction pipeline is declining. This is in line with national trends. With 21 hotels under construction, Phoenix is expanding hotel room inventory by nearly 6%, the highest share of the hotel room
Third-quarter data from the major brokerage firms reported ongoing resilience in the retail sector. But a reduction in space delivery continues putting downward pressure on absorption. On the positive side, the Cushman & Wakefield MarketBeat U.S. National Shopping Center Report for Q3
Rents at the priciest apartments across the country are likely to decline through next year before growing again in 2025, according to a new forecast from private real estate investor Origin Investments. Apartment rents have flattened out nationally in recent months as a historic
However, buyers backed out of deals at the highest rate on record. U.S. pending-home sales rose 1% month over month in October to a seasonally adjusted annual rate of 401,000, the highest level in a year. Although pending sales fell 4.8% compared to October 2022, it’s still the smallest
Walmart reported third-quarter earnings and revenue that topped expectations with growth across all segments. Grocery once again led U.S. sales. The retail giant also raised its annual outlook, although it came in slightly below what analysts were expecting. On the company’s
Researchers See Less Financial Fallout for Landlords When Workers Spend Some Time in Offices. The hybrid work model is increasingly more common as formerly remote workers head back to offices for at least part of the week, a shift that’s causing fewer headaches for landlords, according
PHOENIX — Adding to their roster of stores, Tempe Marketplace has 11 new tenants including Lululemon, Nike, LumberjAxes, Handel’s Ice Cream and Escapology, which are already welcoming customers. In the coming months, brands including J. Crew, Rowan Piercing, Pandora
A total of 1.2 million rental units came online across major U.S. cities since 2018. A new report from RentCafe, leveraging Yardi Matrix data, looked at the 50 largest metros, ranking zip codes based on how many units were added over the past five years. Large amounts of new units
In an age where developers are exploring urban expansion with an eye toward adopting more sustainable building practices, adaptive reuse has emerged as a beacon, offering benefits that positively transform existing neighborhoods and cities. Adaptive reuse is a sustainable and innovative
HonorHealth, a leading Valley healthcare system serving more than five million people in the greater Phoenix area, broke ground today on their latest healthcare facility, HonorHealth Medical Campus at Peoria. The new HonorHealth Medical Campus at Peoria will be a one-stop-shop for a variety
The West Valley was once known for landing one-off industrial deals and distribution centers, but it has evolved into a hot spot for a diverse set of warehouses and employers across metro Phoenix. In the past 23 years, the West Valley experienced a 166% increase in industrial
The corner of Van Buren Street and Fairway Drive in Avondale is going to get a lot busier soon. Driving the news: Nothing is happening at the intersection yet, but developers have submitted plans for a pair of luxury apartment complexes. Fairway Residences will have 286 units on a
Until recently, most branded residences were part of hotels, with the synergies between hotel brands and residences improving the overall experience for both guests and residents, while profits from the residential portion of the project enhanced returns for hotel owners. Lately, according to
More people are applying for mortgages as rates start to decrease, thanks to signs inflation is cooling off. Halloween is done, scary season is ending, and the horrors of the housing market are getting more gentle — if only a little bit. Mortgage rates are coming down slightly after a dramatic
After a tough first half of the year for valuations, particularly among specially serviced properties, the third quarter of 2023 continued apace, according to a new report from CRED IQ. As a reminder, the first half of 2023 was bad. CRED iQ reviewed 190 appraisals of major properties across all assets