July 3, 2019

In 2008, Arizona was hit hard during the Great Recession, but the state has bounced back and is seeing a booming Arizona real estate market. CBRE Group, a commercial real estate company, predicts that Arizona will have a positive economic outlook in 2019 due to employment growth, corporate expansions and a healthy housing

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Goodyear’s mayor is standing her ground on a deal to open a Nike manufacturing plant in the Phoenix suburb after Gov. Doug Ducey blasted the company for canceling a shoe that featured an early design of the American flag. The Goodyear City Council struck the deal Monday to land the Nike plant with more than 500 jobs. Hours later

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Is there anyone left who’s still trying to deny the disruptive forces shaking the retail industry? Google just got clearance to deliver pharmacy items by drone in Australia. Amazon operates 10 of its highly-automated Amazon Go convenience stores — and that number could soon rise into the thousands, according to recent reports. Rent the

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The general consensus about Opportunity Zones has been that while interest in these areas is intense, there has been little activity. Most of the capital poised to invest in Opportunity Zones, so the theory goes, is waiting on the sidelines until the Treasury Department clarifies more regulations. A study by Real Capital Analytics disputes

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Crown Realty & Development is pleased to announce the onset of construction activity today on the nearly 100-acre property that surrounds the existing High Street retail, office and residential community adjacent to the Loop 101 in north Phoenix. Coined the ‘City of the Future’, City North has started construction on the

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July 2, 2019

We’re in a particularly exciting time when it comes to building retail customer experiences as emerging technologies and ever-changing shopping trends present limitless possibilities. That said, the stakes for providing special experiences are getting higher. Whether you’re a big player or just starting out, all retailers need to not only

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Once-resistant developers and apartment operators nationwide are beginning to embrace the short-term rental business as a way to add a new revenue stream for owners, diversifying their incomes and protecting against downturns. The change of heart comes a decade after the founding of AirBnB, which upended the hospitality industry

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Industrial REITs continue to play an integral role in the rise of e-commerce and changing the way consumers shop and receive goods. Industrial REITs own logistics centers that help consumer purchases get quickly from the seller’s store to the buyer’s home and employ state-of-the-art technologies to make the transshipment and

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Phoenix was one of the hardest hit markets during the last recession, in part because of overbuilding. But, as the Valley’s economy has recovered, demand for commercial real estate has outpaced new construction for years, panelists said at a forum hosted by Valley Partnership. Jessica Morin, director of market analytics for

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Panelists Lucas Haldeman, founder & CEO of SmartRent; Jennifer Staciokas, senior vice president of Marketing, Training & Pricing at Pinnacle Property Management Services; and Gunti Weissenberger, president of the Westover Cos., gathered at the National Apartment Association’s Apartmentalize conference in Denver to

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July 1, 2019

The economy should remain steady through 2020, according to several market experts. A recent report from Beacon Economics forecasted little chance of a downturn through 2020. Gary Bechtel of Money360 agrees with industry consensus: the economy is steady with no anticipation of a recession through 2020. “Based on the current and

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When Greystar first bought into a 6,900-bed student housing portfolio in the U.K. in 2013, its investment dollars were bucking what was quickly becoming a blistering trend for U.S. multifamily operators. At the time, global finance dollars in search of multifamily deals were beginning to pour into the United States, not leaving it. By 2015, those

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New York-based investor The Praedium Group has acquired the Town Commons apartment community in Gilbert, Arizona. The terms of the deal, including the sales price and the name of the seller, were not disclosed. The 306-unit apartment building is made up of 24 buildings with two 2-story townhouse buildings, ten

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A portion of Metrocenter Mall in Phoenix that was once a JCPenney has been sold to a Denver investor. Southwestern Property Corp. bought the 156,000 square-foot space for $3.17 million, according to a news release from the real estate company. It plans to redevelop the space into a high-end self-storage and

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When Phoenix leaders adopted a master plan for the convention center in 2002, it included three expansion phases. The first two were completed more than a decade ago while the final phase has been in limbo. But that could soon change. For years, the South Hall — also called the South Building — served as home base for the

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June 28, 2019

A recent report by the U.S. Department of Labor revealed that the number of job openings in the U.S. outnumbered the number of unemployed Americans by the widest margin ever. The number of people looking for jobs fell to roughly 5.82 million in April, whereas the number of unfilled jobs climbed to 7.44 million. That means

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As we reach the halfway point in 2019, U.S. office property owners, investors and brokers say they expect investment activity to pick up and be consistent throughout the rest of the year and into 2020, according to a new Mid-Year Office Investor Sentiment Report by Real Capital Markets. The investors, while still expressing some caution given

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Older office buildings with high vacancies often suffer from lack of access to mass transportation or require significant infusions of capital to compete for tenants in today’s market. Landlords struggling with low occupancy may want to consider converting older office buildings to uses with higher demand for the location, including

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Technology giant Google is coming to Mesa, lured by a tax incentive agreement to build a massive data center in the emerging Elliot Road Technology Corridor. In a major coup for the city, Google will join fellow tech heavyweight Apple, which already operates a large data center in the same area of southeast Mesa. The Mesa City Council is

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U.S. home values dropped for the second month in a row, according to the May Zillow® Real Estate Market Report.The typical U.S. home is worth $226,800, down 0.1% from a month earlier. Home values also fell in April, ending a streak of 85 consecutive months of gains that added $78,500 in value to the median home. This trend held in 32 of

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June 27, 2019

Arizona ranked second in the nation for personal income growth during the first quarter of 2019, according to new data released by the U.S. Bureau of Economic Analysis. Arizona had the second-fastest personal income growth from Q4 2018 to Q1 2019. Arizona’s annualized growth rate of 5.5 percent beat out the national rate of

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Dental implant care provider ClearChoice has opened its second location in Arizona. The company entered an 8,641-square-foot lease with Hines at its mixed-use project in Chandler, Chandler Viridian—whose office component opened in January. The firm will join Stantec and Workuity, the three companies occupying the entire

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The Phoenix area — the fastest growing metro in the country according to recent U.S. Census Bureau reports — is unsurprisingly also experiencing a boom in commercial real estate. Gargantuan multi-use plans have been proposed across the Valley, including projects in Surprise, far north Phoenix and near the downtown on

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CBRE’s analysis of factors influencing the U.S. grocery industry points to a near-term future with a fully automated checkout process, a greater emphasis on prepared meals, a proliferation of smaller, convenience-store grocery outlets, and more collaboration between grocers and nontraditional partners such as fitness operators and

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(Bloomberg Opinion)—The Congressional Budget Office has just released its projections for the U.S. federal budget during the next 30 years. The picture is one of steadily rising deficits. Federal government borrowing now amounts to about 4.2% of gross domestic product each year. By 2049, the CBO predicts, that will more than double, to

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