September U.S. nonfarm payrolls rose 254,000 versus estimates of 132,500, while the unemployment rate ticked down to 4.1% from 4.2%, the U.S. Bureau of Labor Statistics reported. Payrolls for July were revised up by 55,000, from +89,000 to +144,000, and the change for
Commercial real estate industry sentiment was increasingly optimistic in the third quarter, according to the CRE Finance Council (CREFC). The 3Q 2024 Index saw an 18% increase, surging to 121.1 from 102.4 in the second quarter. This marked the highest reading in the survey’s history since
A Minnesota-based housing developer is making its Arizona debut — while planning $700 million of new development in the Grand Canyon State. Plymouth, Minnesota-based Roers Cos. has already opened the 200-unit Solano Villas affordable housing community at
Weidner Apartment Homes has purchased an apartment rental property for $187.5 million. According to the deal’s broker, Institutional Property Advisors, which represented the seller Clarion Partners, the transaction was “the largest single asset multifamily sale in Arizona in over two years.” The
In a new analysis, researchers at GOBankingRates crunched the latest data from Zillow, the Federal Reserve and the Bureau of Labor Statistics to determine what it takes to live comfortably in America’s 50 largest cities. More specifically, we calculated the income needed to
Buckeye is a hotspot for homebuilding, and not all of the new houses are for sale. A new single-family, build-to-rent community is going up called Marketside Villas at Verrado. The community near McDowell Road and 211th Avenue will have 150 homes. Rents for the one-, two- and three-bedroom
The cost of financing and a looming mountain of loan maturities are among the 10 current and emerging issues The Counselors of Real Estate identified as having the most significant impact on all sectors of real estate. High financing costs continue to weigh on the commercial
The Great Migration brought billions of dollars in wealth to the Phoenix metro, according to a recent Business Journal analysis. The trend, spurred on by remote work policies adopted by many companies during the Covid-19 pandemic, has largely tapered off after a furious stretch during
Élephante, one of the most anticipated restaurants coming to Scottsdale, is set to open in the coming weeks, and the eatery’s owner is already considering other concepts he would like to establish in the Valley. Coming this fall to Scottsdale Fashion Square, Élephante is
LBA Logistics tapped the hot commercial mortgage-backed securities market to finance an industrial property portfolio located across 10 states, completing a $577.63 million deal for the 7 million-square-foot national portfolio. Industrial CMBS single-asset, single-borrower
Luxury apartments are benefitting from challenging homeownership trends that appear to be prompting many higher-income households to rent luxury apartments instead of transitioning to first-time home ownership. According to Marcus & Millichap’s September housing research
The Apartment Investment Market Index, a measure of nationwide financing conditions created by lending giant Freddie Mac, has grown on a yearly basis in four straight quarters for the first time since 2021 as investors expect more certainty in interest rates and construction. The index, a combination of multifamily
Closeout retailer Big Lots has significantly expanded the number of stores it plans to shut to roughly 450 locations, as part of one of the bankruptcy proceedings that is throwing millions of square feet of retail space onto the U.S. market. The Columbus, Ohio-based company
Whole Foods Market’s footprint in the Phoenix area is set to shift this month. The company said that on Oct. 16, it will open a 50,358-square-foot new store at PV, the name chosen for the more than 100-acre, $2 billion redevelopment of the former Paradise Valley Mall. The new store’s address will be
Long known for industrial investments in metro Phoenix, Denver-based Sagard Real Estate is making its initial foray into the Phoenix multifamily sector with the purchase of a 209-unit apartment community in Tempe. Closing on Sept. 30, Sagard Real Estate paid $77.33 million in
The Commerce Department released revisions to past data last week that showed the economy grew more quickly in all but four quarters since the beginning of 2019. The revisions wiped out one of the two consecutive quarters of negative growth in early 2022, negating earlier reports of a
When the companies that finance CRE offer a mostly positive view of the sector after months of lending that seemed to have diminished to little more than a trickle, developers and investors may also have reasons to feel cheerful. The 3Q 2024 Sentiment Index survey of the Board of Governors of the CRE Finance Council (CREFC) presents an
Phoenix-based Pivotal Group is investing $100 million to purchase and renovate the Hilton Phoenix Resort at the Peak, an iconic property developed in 1977. Peak Hotel LLC, an entity linked to Pivotal Group, paid $39.5 million for the property in a sale that closed Oct. 1, according to Tempe-based real estate database
A major accounting firm with national reach is moving its local operations to Tempe Town Lake. CliftonLarsonAllen, or CLA, announced Oct. 1 it is taking about 55,000 square feet at the Hayden Ferry Lakeside office campus in Tempe. Sources familiar with the deal say that it’s in Hayden Ferry Lakeside I — the building once fully occupied by
With dense plans flying in North Scottsdale, one almost needs the microscopic level of detail offered by French writer Alain Robbe-Grillet to slow things down and dissect them. Trained as a statistician and agronomist, Robbe-Grillet was fascinated by “the ties that exist between objects, gestures and situations
Even though 8.3% more permits were granted for multifamily construction in August compared to July this year, viewing on an annual basis the rate of permitting dropped 16.8% in all U.S. census regions. That came even as
Buyers and sellers in US commercial real estate are increasingly convinced that the beleaguered market is reaching a bottom. But the big question remains: At what price will beaten-down offices, apartments and other properties actually change hands? Signs abound that there will soon
Two new Big Lots locations in Arizona are closing, joining a list of 21 stores across the state that have either closed or were in the process of closing. Since July, Big Lots has announced that it will close hundreds of stores nationwide as it files for bankruptcy. The retailer has
Fender Musical Instruments Corp. is expected to be rocking in its new Arizona office next fall. Fender broke ground Sept. 30 on a 77,000-square-foot, three-story build-to-suit office at PV, a more than 100-acre, $2 billion redevelopment of the former Paradise Valley Mall led by
The single-tenant industrial market was the only sector to report an increase in sales volume from first to second quarter 2024. Despite the 17 percent uptick, transaction activity is still comparatively low to totals seen in the last few years. With $4.95 billion closed in the last three