Despite concerns about the long-term impact of tariffs and the potential for an economic downturn, the outlook for the U.S. industrial sector heading into 2020 remains positive, according to industry executives who spoke at the recent Avison Young U.S. Industrial Summit in Chicago. The sector experts cited low vacancy rates and rising rental
Arizona Center continues its growth and improvement with the much-anticipated groundbreaking of the new AC Hotel by Marriott – Downtown Phoenix. The hotel is a joint venture development by Dallas-based NewcrestImage and Las Vegas-based LaPour Partners. The new AC Hotel by Marriott – Downtown Phoenix at Arizona Center will be the
We are long past the point of discussing how technology has interrupted our lives and changed our perspective of the world. We are now in the post-disruption era, and in many sectors including retail, a new normal is emerging. The carnage of stores closing is still around us, but at the same time we are finally at a place where we
US retail sales climbed more than expected last month driven by purchases at auto dealers and online retailers, however an underlying gauge of consumer demand grew at its slowest pace in six months. Headline retail sales rose 0.4 per cent in August, the Commerce Department said on Friday, exceeding economists’ expectations for a 0.2 per
The Federal Housing Finance Agency is moving to place limits on Fannie Mae and Freddie Mac’s multifamily loan purchases after the Trump administration proposed a reduction in the government’s role in the U.S. housing finance system. FHFA removed from the two government-sponsored enterprises, known as GSEs, exclusions that
Private equity firm Blackstone Group pulled in $20.5 billion of total capital commitments, $5 billion more than its original target, to make its latest global real estate investment fund the largest of its kind ever created as investors wondering how long the record U.S. economic recovery will last look to larger, more established firms. The record for
U.S. health clubs are a whopping $30-billion-a-year industry.More than 71.5 million consumers used health clubs in 2018, which hit an all-time high, according to the International Health, Racquet & Sportsclub Association (IHRSA). The number of individual members totaled 62.5 million, up 2.6 percent over 2017. The boutique fitness sector, in
A new Hoyt Advisory Services Study commissioned by the National Apartment Association (NAA) and National Multifamily Housing Council (NMHC) reveals that the apartment industry and its residents annually contribute $53.8 billion to Phoenix’s economy, $73.2 billion to Arizona’s and more than $3.4 trillion – or $9.3 billion daily – to the
Since ancient times, humans have lived in communities, and humanity has thrived by grouping. What New York is today for the world — arguably its capital — Rome was for the Roman Empire and Constantinople was for the Ottoman Empire. Cities have been hubs for creativity, economic activity and the evolution of humanity. They symbolize
The national average for cost of rent rose $3 in July from the prior month to $1,469 according to Yardi Matrix. That’s a gain of 3.4% from a year earlier, the real estate data firm said. Yardi Matrix ranked the top five markets for multifamily rent growth, based on the percent change in rent growth. These metros have two things in
Low interest rates are not enough to make up for the rising cost of construction on new apartment building projects. “The drop in interest rates will not make a bad project look good,” says Matthew Swerdlow, director of capital services for Ariel Property Advisors, a real estate and advisory services firm based in New York City. “If it didn’t work with
Today, Marwest Enterprises announced Landing 202, a 605,000-square-foot Class A industrial product on approximately 45 acres just south of Loop 202 and west of Hawes Road on the north side of Ray Road in Mesa’s Gateway Area. “Congratulations to Marwest Enterprises on the announcement of Landing 202. These brand-new buildings are in
The office and retail sectors drove big gains for overall US net-lease investment volume in Q2 2019, setting records and capturing the spotlight from the darling industrial asset class, according to a CBRE report tracking net-lease investment volume for Q2 2019. Large transactions demonstrated investors can shift consensus about
The Scottsdale Planning Commission will discuss Museum Square, a proposed mixed-use development planned for an abandoned transit station and parking lot in Old Town Scottsdale at its meeting this afternoon. The project, which developers said last year will likely cost about $250 million to develop, was submitted to the city in
A new study shows Paradise Valley has the highest household income in Arizona. When determining where you want to live there are few factors more important than the average household income of the area. Higher incomes bring more money for school districts, local government services, and more consumer spending for
One of the great things about metro Phoenix has long been its affordability. Home prices and rents aren’t cheap, though the Valley is still relatively affordable compared with other big cities. I love when my younger friends and co-workers get excited about buying a home or renting the first apartment they can afford on their own. But home
While foreign investment in U.S. commercial real estate fell significantly in the first half of the year, that flow of capital is expected to start picking up in the second half as investors’ concerns over a recession start to dissipate. “Inbound capital will rebound,” said Spencer Levy, chairman and senior economic adviser for CBRE Americas Research,
Three new retailers recently opened at Arizona Mills in Tempe, including a first-of-its-kind concept, while a fourth tenant is set to open early next month. The shopping center, which is owned by Indianapolis-based Simon Property Group (NYSE: SPG), welcomed two apparel stores as well as a discount retailer. The fourth new store, which
Investment sales volume of U.S. commercial properties grew by 14 percent year-over-year in the second quarter of 2019, to approximately $130 billion, according to research firm CoStar Group. But industry sources say a slowdown may be coming. Global economic uncertainty and record high asset valuations are contributing to a
Wood Partners — which just sold the Alta San Marcos apartment community it built in Chandler for $71.75 million — already has more than 500 units under construction and another four projects in the pipeline for metro Phoenix. The Atlanta-based multifamily investment firm is building the Alta Warehouse, a 300-unit apartment
Even with nearly 14,000 apartment units under construction in metro Phoenix, builders still can’t keep up with demand.According to research conducted by Kasten Long Commercial Group exclusively for the Phoenix Business Journal, metro Phoenix has 13,631 units within 54 projects under construction. Of those, 23 totaling
The construction industry added 14,000 net new jobs in August, according to an Associated Builders and Contractors analysis of data released today by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has expanded by 177,000 jobs, or 2.4%. Nonresidential construction employment increased by
Real Capital Analytics Inc. (RCA), a firm that provides data on the commercial real estate investment markets, has published lists identifying the top 10 U.S. markets for self-storage acquisition and construction activity. The lists are part of an “RCA Insights” report summary of the self-storage sector. The top market targeted for
Banner Health’s latest multi-specialty health center will be constructed by a Denver-based healthcare real estate developer. NexCore Group has been chosen to develop Banner’s new project which will be designed to bring efficiency for both patients and healthcare practitioners. The new Class A facility will be a three-story, 130,000 square-foot
Apple Hospitality REIT disclosed in its recent second quarter 2019 earnings announcement that the real estate investment trust has agreed to buy seven hotel properties in various stages of development for a total purchase price of $216 million. The Richmond, Virginia-based company said it expects to close on one existing, independent