Phoenix tops the nation in the number of apartment units expected to be delivered in 2023, according to a report from Yardi Matrix. By the end of 2023, Yardi expects to see 20,541 new units built in metro Phoenix, out of the total 487,512 new unit deliveries expected nationwide. Austin, Texas
It is no secret that many aspects of 2023 have been challenging for the rental housing industry. Amid ongoing economic uncertainty – triggered by lingering inflation – the affordability crisis persists, operational costs have skyrocketed, and growing regulations continue to add an extra layer of strain
Once again, online shoppers spent more money on Cyber Monday than on any single day — ever. Consumers spent a total of $12.4 billion on Cyber Monday (Nov. 27), according to final Adobe Analytics data, up nearly 10% from $11.3 billion on Cyber Monday 2022, which was the previous
Growth in the US economy continues to surprise to the upside while inflation declines. New data from the Bureau of Economic Analysis revealed the US economy grew at a 5.2% annualized pace in the third quarter, revised up from the 4.9% reported in the advance estimate a month
It seems that the financial planets have aligned and driven many to decide that the Federal Reserve will be compelled to lower interest rates. It’s what Deutsche Bank’s economists are predicting — 175 basis points off the current federal funds rate range of 5.25% to 5.5%, according to a Reuters
A record number of people shopped over the five-day holiday weekend as Black Friday continued its streak as the most popular shopping day of the entire weekend. The day after Thanksgiving saw 76.2 million shoppers visit brick-and-mortar stores, up from 72.9 million in 2022, according
With just under 1 million multifamily units under construction in the U.S. at the end of the third quarter, there has been a great deal of focus on which major markets are facing the highest risk of oversupply. While it’s certainly possible to analyze this with a broad-brush approach from a market
The planned VAI Resort in Glendale is expected to have a $32 million annual economic impact, or about $800 million over 25 years to the city of Glendale, according to an economic impact report released Tuesday. When the resort project was unveiled in 2020 as the Crystal Lagoons Island
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
One Valley city is the nation’s top destination for Generation X movers, and another Arizona municipality is among the top five, according to a new analysis of U.S. Census numbers from SmartAsset. The Gen X report found Surprise had the highest percentage of Gen Xers among new residents
Phoenix-based Curve Development, a full-service real estate development company with experience in production homes, multifamily residences, commercial and institutional developments, last month sold Cyrene at Estrella, a 64-unit build-to-rent home property. The Goodyear, Arizona
More Valley landlords are offering renters concessions, including a free month or two of rent or at least parking. In October, 45% of Phoenix-area apartments listed for lease included some kind of deal, according to a new survey from real estate firm Zillow. In October 2022, about 30%
An ambitious project on a long-vacant parcel of land in one of the Valley’s most prime locations could soon be moving forward. Driving the news: Pivotal Group, a Phoenix-based company that’s developing the property, is seeking city approval for The Central Park, a mixed-use
Jewellery and apparel emerged as the top gift sectors of 24 November. On 24 November, US retail sales experienced a robust increase of 2.5% year-over-year (YoY), excluding automotive and not accounting for inflation. This growth, as reported by Mastercard SpendingPulse, a measure of
Bank of America predicted the Fed will cut interest rates in the middle of 2024. It thinks the country can achieve a soft landing next year, as well. Still, Fed Chair Jerome Powell said the central bank is not considering rate cuts right now. Americans could finally see some financial relief next in
The cost of living in Phoenix is higher than the national average, though not by much and by less than some other Valley cities. The big picture: The cost of goods and services in Phoenix is just under 2 points higher than the national average, according to the Council for Community
Economic growth remains likely to decelerate and ultimately result in a mild recession in 2024, followed by a return to growth in 2025, the Fannie Mae Economic and Strategic Research (ESR) Group said in its November commentary. Although the combination of ongoing employment
The 30-year, fixed mortgage rate averaged 7.29% for the week ending Nov. 22, spurring an uptick in mortgage demand. Mortgage rates dropped significantly in the last few weeks, but the cost of borrowing remains high prompting many homebuyers to wait for even lower rates. The 30-year
In the first installment of our outlook series, senior housing experts discuss trends and challenges for the year to come. Senior housing occupancy rates have been constantly improving over the past nine quarters, supported by strong demand and fairly limited supply. Tight financing
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