The five C’s of Arizona — copper, cattle, climate, cotton and citrus — have a long history of being the pillars that held up the state’s economy. Today, there is a new C that is driving the state’s growth: construction. After an initial dip in business during the first wave of
Developers continue to roll out big plans for industrial construction on both the east and west sides of the Valley. In Mesa, a joint venture between Ryan Cos. and DWS is planning to begin construction in August on a speculative light industrial park called the Confluence at Mesa Gateway, which will
Global investment firm KKR & Co. paid $150.5 million for a 332-unit apartment complex in Scottsdale, Arizona, the second-largest deal this year in Phoenix’s high-flying multifamily market. New York-based KKR paid $453,313 per unit for The District at Scottsdale, built in
The people involved in this deal could not be more thrilled to recognize how monumental this announcement is for the town and the community. It will be a catalyst in attracting more people to the thriving real estate market in the east valley.
The average asking price per square foot across all asset classes was stable in June, suggesting market growth will continue a consistent growth trajectory, according to new data from Crexi. The average asking price in June was down 1.52% over May numbers, though asking prices
Despite countless factors working against economic development, Greater Phoenix continued to see growth over the past year. Thanks to its highly skilled, diverse workforce and pro-business climate, the Valley is a magnet for relocating businesses across the country, as well as
Amazing things are happening in Downtown Phoenix. The city is experiencing tremendous growth. In addition to welcoming new residents from across the country, Phoenix also has been attracting businesses in the health care and bioscience sector. It all started approximately 20 years ago with the
PHOENIX — Healthy grocer Sprouts Farmer’s Market is set to open a store to replace an old store on July 21 in Phoenix, the company announced on Thursday. The new store will be located at 4201 W. Thunderbird Road about three miles from the existing location at the
Several converging trends are contributing to an increase in the number of real estate developers transforming older office parks into competitive mixed-use properties, introducing multifamily housing to create communities that offer an appealing live-work environment.
Red-hot demand from leisure travelers boosted a key lodging industry metric higher than it was during the same period in 2019, marking the first time since the pandemic began that U.S. hotels outperformed pre-Covid levels. Revenue per available room, which combines occupancy and prices,
Consumer spending remained solid in June, with a majority of consumers spending more than they one year ago. That’s according to the Visa U.S. Spending Momentum Index (SMI). In June 2021, the Visa SMI registered 111.7, down 11.6 points from the May reading of 123.3. The reading above 100 suggests
Effective retail rents grew by 0.1% in the second quarter, a sign experts from Moody’s Analytics say shows a “significant” lack of stress, considering typical trends in the sector. The uptick has “at least temporarily, moderated the glut of negative sentiments across analysts and industry stakeholders,” Moody’s Thomas LaSalvia notes in
COVID-19’s viral spread beginning in early 2020 set back every economy on the face of the planet. Its downward effect on wages, employment, output, and other positive economic indicators devastated workers’ incomes (and job status), industries’ profits, and government’s massive
Jim Maury may not be as famous as Elon Musk, but the two do have something in common: They both run electric vehicle companies. “He’s a pioneer, and really pushed the envelope and I give Elon a lot of credit, but we’re all learning, you know, this is a new space,” he said. Maury is the
Heading into the second half of the year, investors say lenders are so confident in the rebound of the economy they are even willing to finance deals involving the hard-hit hotel industry. It’s a sign that deal flow is back as lenders are again competing to provide money for the
In late May, Nareit marked the passage of 15 months of financial market response to the global spread of COVID-19, social distancing measures, and more recently, here in the U.S., the reopening recovery. As with any event that has such a broad and dramatic impact, compounded with the
The SN Top 50 Retailers report is compiled in partnership between Supermarket News and IGD, a leading UK-based analysis and insight organization for the food and consumer goods industry. The overall Supermarket News Top 50 Retailers list includes all channels that sell food and grocery
The Arizona commercial real estate industry is red-hot right now, ranking among the best markets for multifamily sales in the nation. Those rankings are backed up by the biggest commercial real estate deals in Metro Phoenix, according to data collected by the
PHOENIX – It’s getting much harder for metro Phoenix renters to put away enough money for a down payment on a starter home, according to a new analysis. The average Phoenix-area renter would need more than 10 years of saving 10% of earnings to afford a 20% down payment for a
According to the National Multifamily Housing Council’s latest Rent Payment Tracker report, 76.5% of apartment households made a full or partial rent payment by July 6, based on a monthly survey of 11.7 professionally managed units across the country.
Out of all large U.S. counties, Maricopa County is experiencing the 9th largest population growth, according to a new report from HireAHelper. For the first time ever, California posted a population decline in 2020, and the United States as a whole didn’t fare much better. Its growth has
The first phase of redevelopment at Paradise Valley Mall got underway on Wednesday. Crews began demolishing the former Sears and Macy’s stores at the site at Cactus Road and Tatum Boulevard. Demolition is expected to last through 2021, according to
The Scottsdale Plaza Resort, one of the largest hospitality properties in the Valley, was acquired by a partnership between premier hospitality management company Highgate and Boston-based real estate private equity firm Rockpoint Group. The transaction priced at
British entrepreneur and adventurer Sir Richard Branson, head of Virgin Group Ltd., said, “Every success story is a tale of constant adaption, revision and change.” Certainly, as retailers grappled with the impact of COVID-19 restrictions, those that could quickly pivot and adapt were the winners.
Cap rates in the single-tenant net lease sector rose slightly in the second quarter after hitting historically low levels in the previous quarter, according to the 2nd Quarter Net Lease Research Report from Boulder Group. Industrial cap rates increased by 18 basis points to