The multifamily sector has experienced the effects of an increase in pent-up demand this past year, resulting in higher-than-average asking rents as well as concessions, depending on the type of apartment and its location. Class A concessions peaked in March at 9.9% and have been falling since, but they remain elevated at
Amazon recently announced plans to open a new technology center in Tempe near Arizona State University’s main campus, which is projected to create an additional 550 jobs in the Phoenix metro area over the next few years. Sandra Watson, president and CEO of the Arizona Commerce Authority, said the new Amazon location reflects
November was another good month for the Greater Phoenix market as office vacancyonce again trended downward. According to CommercialEdge data, average vacancy decreased to 14.7 percent, marking a 250-basis-point drop year-over-year. By comparison, the national rate stood at 15.2 percent, 140 basis points higher than
According to the final 2021 monthly report on the multifamily industry from Yardi Matrix, national average asking rents rose 13.5 percent year-over-year between 2020 and 2021.In December, average asking rents increased $2 to an all-time high of $1,594. Over 12 months, the average U.S. apartment asking rent rose $190. Factors driving the
In the final quarter of 2021, Michael Pollack, the principal of Pollack Investments, said he sold five of his shopping centers in a retail real estate market that he called “on fire.”In total, Pollack sold about 206,000 square feet of retail space in Mesa, Tempe, Phoenix and Peoria, representing about 7% of his total portfolio, for more
As we close the page on 2021, hopes that we would be doing the same on COVID-19 have stalled. The Omicron variant has been shuttering businesses, canceling flights and clouding the near-term outlook. But ever since the emergence of COVID-19 in early 2020, one thing that the virus couldn’t stop was
A U.S. semiconductor company is scouting multiple sites in Arizona, Texas, California and North Carolina for a project that could have a capital investment of $40 billion or more with 5,000 to 10,000 jobs at full buildout.Multiple sources told the Triangle Business Journal in North Carolina that the project is on an
Activity around the Woolf Logistics Center, a 1,340-acre industrial site in Glendale just north of Luke Air Force Base, has seen significant activity recently with several large land sales.Over the past month, more than 600 acres around the site have sold in three separate deals for a total of nearly $150 million.The largest sale was comprised of 420 acres on the southeast corner of Reems Road and Olive Avenue just north of
A California real estate investment firm paid $71 million for a four-building industrial park in the Phoenix suburb of Avondale.Phoenix-based developer Eisenberg Co., which built the 405,656-square-foot Avondale 107 park last year, sold the quartet of fully leased buildings to Cohen Asset Management Investors, based in
I recently read an article in a nationally published apartment industry report called Rent Cafe, which stated that Scottsdale “renters struggled to find an apartment in our city where they met an awful mix of high occupancy rates of 96.3%, and 20 applicants competing for every vacant apartment that
Scottsdale is one of the nine choicest destinations in the world to visit this year, according to one of the world’s most elite travel publications. Condé Nast Traveler – an award-winning luxury travel magazine – elevated Scottsdale to the ranks as the likes of Rio de Janeiro; Alentejo, Portugal; and Chiang Mai, Thailand in
A 1.2-million-square-foot industrial complex is planned in Casa Grande, adjacent to where Chang Chun Group, a supplier to Taiwan Semiconductor Manufacturing Co., recently bought 84 acres of land.The proposed project would include two buildings and be built in two phases, according to city of
A developer is proposing to transform a long vacant waterfront property at Tempe Town Lake into a $1.8 billion “resort-inspired” community with apartments, shopping and dining and a pier that juts out into the water. The project, known as South Pier at Tempe Town Lake, is planned on
Commercial real estate can be expected to perform well this year despite the prospect of higher interest rates, according to the National Association of Realtors. While interest rates are expected to broadly rise by about 75 basis points, they will still be low compared to historical levels and
The hottest housing market of 2022 will be Tampa, according to a new Zillow® analysis. Rounding out the top five hottest housing markets are Jacksonville, Raleigh, San Antonio and Charlotte in what is anticipated to be another hot year for
Commercial real estate in Arizona is in the midst of an unprecedented run. Ever since early 2020 when the coronavirus pandemic rocked the business community, the commercial real estate industry in Arizona came up with innovative ideas for not only surviving, but
Many first-time buyers continue to struggle to move into homeownership amid sustained price growth and competition from all-cash buyers. The share of first-time buyers fell to 26% in November, according to the November REALTORS Confidence Index Survey. This is the
2021 was a highly competitive year for renters in many areas as they faced a perfect storm: high demand, low Phoenix apartment availability and applicants with top-notch credit scores. In the most extreme situations, occupancy rates bounced to 98%, while more than 35 renters
A California investor paid $36 million for an off-campus student housing complex near Arizona State University in Tempe, more than twice the price that the property last sold for in 2015. Tara Investment Group, a division of Meier-Shefflin Multi-Family, based in San Francisco and
A residential health care facility and a 400-unit apartment complex are among the next planned developments at Cavasson, the master-planned development in north Scottsdale. Vi at Cavasson will include a four-story main building several other buildings with villas and amenities,
Unlike past downturns, Phoenix’s economy has been a model of stability and resilience during the pandemic. At more than 5.5%, November’s job growth numbers in the Valley of the Sun were well above the national benchmark of 4.1%. This marked the sixth month in a row for
If you had to pick a massive value winner for commercial real estate owners over the last year or so, it would have to be industrial, with the drive toward e-commerce for everyone. A close second, thought, would be multifamily. People need to live somewhere at least as much as they
The country began breathing a sigh of relief in the second quarter of 2021 as U.S. GDP returned to pre-pandemic levels. With a substantial part of the U.S. population vaccinated, the unemployment rate plummeted, schools began preparing for in-person instruction and
A massive race for space. That’s the most fitting way to describe the booming industrial market we’ve seen from coast to coast since the onset of the health crisis. Throughout 2021, strong e-commerce and retail sales—combined with supply chain challenges—fueled demand for
Even though the United States population grew at its lowest rate in history in 2021, Arizona was again among the fastest-growing states, according to new U.S. Census Bureau data. Arizona ranked third for top states in numeric growth from July 2020 to July 2021, following Texas and