October 1, 2021

On September 23, more than 300 professionals gathered for an in-person and live-stream glimpse into the 2022 economy. Sponsored by SRP, this dynamic event featured a provocative and insightful presentation by Andrew Busch, Economic Futurist, BPI, and a lively panel discussion with three of Arizona’s thought-leaders:

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Current data issued this week by Cushman & Wakefield suggests that most of the world will achieve herd resiliency—i.e., over 70% either vaccinated or infected—by Q2 2022 and that current trends suggest most office workers globally will be able to return to the office in the first quarter of 2022.Cushman & Wakefield reported that

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A proposed major renovation to an office building at the corner of Indian School and Scottsdale roads is aiming to create a “best-in-class” office building and revive interest in a space that is mostly vacant.The building, at 4141 N. Scottsdale Road, includes 156,000 square feet of office space, but is only about 20% leased. A proposed

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The return of consumers to shopping centers with the recovery is cited as a probable factor by JLL in the closure of the least amount of retail space and bankruptcy of retailers in years.The US is on pace to see 87 million square feet of retail space impacted by closures—which would be the least amount of space since 2016 and nearly

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Build-to-rent communities are quickly becoming the most sought-after new asset class. According to Noam Franklin, a founder of Berkadia’s JV Equity & Structured Capital group, investment capital is pivoting from multifamily to build-to-rent investments in response to surging demand.“Capital sources such as private equity funds have recognized the

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September 30, 2021

JLL has released its H1 2021 Data Center Outlook and in the report, Phoenix ranks No. 3 in the U.S. for new data center construction and No. 3 in the U.S. for data center absorption.Local competition is rising to an institutional level and demand doesn’t seem to quit. One sign of this: local data center and industrial land prices have increased as

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The Delta variant has had nowhere near the negative effect on office space occupancy as COVID-19 initially did, according to the newly-released VTS Office Demand Index (VODI), with data through August.Nationally, new demand for office space rose to a 15-month high in August and is now just 13 percent below pre-COVID-19 levels. This year, only

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Knightvest Capital paid $155 million for North Phoenix’s Accolade apartments in one of the largest multifamily sales on record in Arizona.The real estate investment firm, based in Dallas, paid $282,847 per unit for the 548-apartment property at 220 W. Bell Road, about 14% higher than the per-unit average for the area this year, according to

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Phoenix-based developer George Oliver has unveiled its redevelopment plans for the landmark Hayden Station mixed-use property in downtown Tempe, Arizona. Renamed as Arbor, the $41 million experiential office project will include a $18 million renovation that will transform the five-building campus into a one-of-a-kind office and

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A Phoenix-based office investment firm bought two office buildings near Tempe Town Lake in Tempe, totaling 300,000 square feet for $132 million, representing the highest-priced office sale of the year so far in the Valley.The two buildings, at 2114 and 2116 South Freedom Way, are each four stories tall and are fully leased by

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September 29, 2021

From a 6,500-square-foot restaurant and retail addition that will enhance the already popular Park Central development in Central Phoenix to multimillion-square-foot industrial parks along the Loop 303, commercial real estate showed no signs of slowing down during the pandemic. In fact, NAIOP Arizona members were busier than

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Preserving open space, creating housing options and addressing an unsightly county island were among the priorities members of the public wanted addressed as the city of Tempe works on its character area plan for the northern portion of the city, north of Loop 202.The city has been working through the planning process for about

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Black Rock Coffee Bar, the popular Oregon-based boutique coffee chain that is known for its premium roasted coffees, teas, smoothies and flavorful drinks, continues to expand its number of locations in the U.S. with the addition of a new drive-thru-only store in Phoenix, Arizona. This is the second

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Hotel recovery varies from California to Florida and Canada to the United Kingdom, as each destination has unique demand drivers and different timelines for lifting various COVID-19 restrictions. Revenue per available room recovery has also differed widely when comparing major markets in the western United States.When

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Trammell Crow Co. bought 40 acres in the Phoenix suburb of Mesa for development of a four-building industrial park expected to break ground in November.The Dallas-based developer plans to build Elliot Gateway, a 516,601-square-foot logistics park at 9020 E. Elliot Road with four single-story buildings ranging from

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September 28, 2021

Over the last few years, bolstered by an unprecedented boom in e-commerce and retail sales, the industrial sector has posted historically high demand and supply growth. And that’s led some analysts to question how long the ride can last for the sector that’s relatively unaccustomed to such a meteoric rise. In short, some are

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Arizona has added nearly 1 million people over the past decade or so, yet hardly any sizable shopping centers were built over that span.But that’s about to change in a notable way next year when mall operator Vestar breaks ground on three new open-air shopping centers — two in Queen Creek and one in Peoria, all on undeveloped land. The

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Build-to-rent housing was a hot topic of conversation at September’s Valley Partnership breakfast. Planned from inception to be rental homes, these units typically are grouped together in one area, similar to a master-planned community, and all of the residents are renters. Though the term “build-for-rent” can include townhomes and duplexes, the

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For the first time since the onset of the pandemic, the amount of available office sublet space across the United States has fallen quarter over quarter. Through late September, roughly 205 million square feet of office space was being advertised as sublet availability, down from more than 207 million square feet at the end of the

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The Scottsdale Planning Commission voted 4-3 Wednesday to recommend that City Council approve the rezone request for a controversial 338-unit apartment complex near the intersection of 92nd Street and Shea Boulevard.  Commission Chair Renee Higgs, Vice Chair Joe Young as well as commissioners George Ertel and

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September 27, 2021

The COVID-19 pandemic has made migration a hot topic for all states. Which states will benefit the most from increased remote work? We will not have hard data to answer that question for a while, but now is a good time to revisit a key migration dataset to see how things stood before the outbreak began and to see

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The US National All-Property Index hit a 13.5% year-over-year increase in August, rising 1.5% from July numbers. According to data from Real Capital Analytics, all four major CRE property types showed double-digit annual price growth last month, with apartments showing the largest gain at 14.7%. That’s the quickest rate since

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Industrial development shows no indication of slowing down in the West Valley.  Another massive industrial park is proposed for 262 acres next to the Loop 303 pending Glendale’s approval to annex and rezone the property.The 3.4 million-square-foot project, called Parkway 303 West, could include

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ORION Investment Real Estate announced the sale of a rare redevelopment opportunity situated on Central Avenue and Coolidge Street in Midtown Phoenix. The infill location is part of the City of Phoenix Grand Canalscape Program, which offers a Density Bonus to the future developer. The total land size was

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A developer is proposing to tear down a former Kmart building in Mesa and replace it with 395 apartment units.Mesa City Council will decide on Oct. 4, whether to change the zoning of a property in Mesa that will allow Stillwater Capital LLC – a Dallas-based developer – to turn a handful of vacant retail buildings, including a

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