The East Valley city of Tempe is transforming into the Metro Phoenix’s second urban center, as high-rise buildings begin to fill in around Arizona State University, one of the biggest development magnets, if not the biggest, in Arizona. Much of that development is occurring along the traditional avenue, Mill. Currently, there are
As this real estate cycle stretches out, the availability of financing for speculative development appears to be more constrained than during the last market peak, although opportunities continue to present themselves to investors betting on the growing e-commerce distribution sector. Financing of speculative construction is
Virtua Credit has placed funding for an opportunity zone project in Tempe on behalf of its affiliate Virtua Partners. The firm has secured a $15 million non-recourse construction loan for Virtua Partners’ 90-unit entry-level apartment complex in Tempe through a third party. Located at East Broadway Road and South
The Boulder Group reports that the recent policy changes by the Federal Reserve have sparked renewed optimism among net lease property investors based on decreasing cap rates, and the narrowing bid-ask spread in the asset class. In its just released 2Q2019 Net Lease Market Report, The Boulder Group states that cap rates for the
Competition in the housing market finally began to cool this year, as listings multiplied and price gains moderated. Bidding wars became less frequent and spring sales perked up a bit. Well, forget that. The heat is on yet again. The housing shortage that fueled competition and resulted in sky-high price gains throughout 2017 and
Phoenix’s value proposition is becoming increasingly attractive and is luring companies from pricey coastal markets, bolstering office leasing activity. The intensifying war for talent, rising cost of living and doing business and political uncertainties has motivated companies to seek alternative locations—and Phoenix is
Plaza Companies is the developer, and Okland Construction will be the general contractor for the first phase of the Creighton University building. Butler Design Group will serve as the architect, and the conceptual and tenant design and improvement architect is RDG Planning & Design. “We are very pleased to be working
A Phoenix shopping center that was anchored by the Safeway store gutted in a fire last summer has been acquired by a Scottsdale developer with plans to completely revamp the entire property. SimonCRE closed on a deal Tuesday to purchase Park Northern, the shopping center on the northeast corner of 35th and
The tariff wars are causing the price of construction materials to rise, construction contractors are saying. “Approximately 60 percent of the cost increases we’ve seen recently are directly related to tariffs,” says Aaron Trascritti, director of client relations for Summit Contracting Group, a multifamily general contractor. The U.S. government continues
Before it is set to break ground, the first building at Lincoln Property Company’s Union Class A office project has signed its first tenant. WageWorks Inc. (NYSE: WAGE) has committed to a 150,000-square-foot lease that will bring as many as 1,000 jobs to the development, located at the confluence of Mesa, Tempe and Scottsdale, in the heart
In the D.C. suburb of Chevy Chase, Maryland, a massive apartment rental and condominium complex is going up, and apparently it can’t happen fast enough. Demand for rental apartments in and near cities across America is soaring, just when most thought it wouldn’t be. The expectation was that rental demand would fall as millennials aged into their homebuying years.
The low industrial rate, trend of positive absorption and rising rents in Phoenix is spurring speculative development in the market. Trammell Crow Co. has broken ground on the SM202 Commerce Park, a 700,000-square-foot speculative industrial facility in Metro Phoenix in the Gila River Indian Community.
Following complaints by gallery owners in Scottsdale’s Arts District, the City Planning Commission will review parking requirements for new multifamily developments downtown.The existing parking code in downtown Scottsdale requires new apartment and condo developments to provide one parking space for every one-bedroom unit
Over the last five years, private property buyers have consistently taken market share away from REITs in the retail sector.Private investors have become the fastest growing buyer pool for retail centers due to low interest rates and an increase in 1031 and 1033 exchange activity,
Hope you all had a fun 4th of July holiday. It has always been one of my favorite holidays of the year not only because of the patriotic connotations but the sunshine, family and friends, shorts and tee shirts, barbecues (which means hot dogs and hamburgers) baseball, a generally lighthearted atmosphere and because it’s downright fun.
Phoenix is solidifying its position as one of the top markets in the country for home price appreciation and apartment rent growth, while other primary markets lose steam. Home prices in Phoenix rose 6% year-over-year in April, the second-highest increase among all major metro areas in the United States, according to the
The apartment vacancy rate remained flat at 4.7% in the second quarter, marking a zero net change from one year ago, according to Reis’s Preliminary Apartment Trends report for Q2 2019. The vacancy rate has remained near 4.7% since Q1 2018, after climbing up from a low of 4.1% in Q3 2016. The national average asking rent
The health of retail real estate may be best described with the aphorism: “Where you stand depends on where you sit. ”Many cities around the country have vacancy that’s tighter than the national average of 4.5% in spite of national retailers closing stories, big and small.Other cities have vacancies above the national average. But that’s
A decade after the housing crash, it is now possible to buy or sell a house with the click of a mouse. If the practice catches on, it could lead to a far more efficient and affordable housing market — or another devastating bubble.So-called iBuying (for instant buying) involves firms using algorithms to provide sellers with fixed-price
The number of renter households fell for the second consecutive year in 2018, but rents are rising at twice the rate of overall inflation. There’s also a troubling supply issue at the lower end of the market, where the number of units renting for under $800 fell by 1 million in 2017, bringing the total loss from 2011 to 2017 to 4 million, according
America’s economic expansion is now the longest on record after celebrating its 10th birthday on July 1. There’s a caveat: it has also been slowest and the smallest. First, the good news: The expansion that started in 2009 has sent the unemployment rate to a half-century low and inflation is so subdued, Federal Reserve policymakers have
In another sign of Arizona’s booming economy, the Phoenix metropolitan area led the nation for new jobs created over the last year. In a report released today from the U.S. Bureau of Labor Statistics, the Phoenix-Mesa-Scottsdale metropolitan statistical area (MSA) had the largest total nonfarm job growth of all large MSAs from
As the rental market continues to heat up nationwide, rent prices are rising the fastest in sun belt cities, according to the latest quarterly HotPads® Rent Report. Of the 10 fastest-rising rental markets in the United States, only one – Salt Lake City – is not in the sun belt. Phoenix has the fastest-rising rents out of the 50 largest metro areas, followed
“If you’re competitor-focused, you have to wait until there is a competitor doing something. Being customer-focused allows you to be pioneering.” Amazon CEO Jeff Bezos’ approach to business has proved to be one of the most disruptive of the 21st century, and it’s one that retailers ignore at their peril. Consumers are now in
Private investors have become the fastest growing buyer pool for retail centers due to low interest rates and an increase in 1031 and 1033 exchange activity, according to research from brokerage firm Stan Johnson Company and Real Capital Analytics (RCA).Private domestic investors represented approximately 72 percent of