Cities like Los Angeles, San Francisco and New York City are often top of mind when thinking about our nation’s affordable housing crisis. But the affordable and workforce housing shortage isn’t limited to the country’s primary markets. Secondary and tertiary markets such as Austin, Texas, Charleston, S.C., and Raleigh, N.C. are also
Until now, you could enjoy a beer or glass of wine at your favorite shopping mall restaurant or bar — but, except for occasional special events, not in the shopping center itself. That prohibition is ending in Arizona, meaning you will be able to stroll through certain shopping centers with an alcoholic beverage in hand pretty much any time
Brent Menzel describes his tenure as general manager of the Marriott Phoenix Chandler as being akin to a piece of classical music.When he was hired in April to run the property that was still under construction and prepare it for its opening, he said it started off mellow and slow. “You have time to do things. You have time to get to know people, time to
It’s been just over 100 days since Jack Sinclair took over as CEO of Sprouts Farmers Market Inc. (Nasdaq: SFM), and he is ready to implement a whole new strategy that changes the Phoenix-based grocer’s store format, growth plan and marketing efforts. Even though the new strategy is in the beginning phases, Sinclair laid out the plan’s broad strokes on
The Greater Phoenix medical office space market performed well during third quarter, rebounding from a challenging performance during second quarter, according to a report from Colliers International. Medical job growth hit 3.7 percent during the first three quarters of 2019, outpacing the 2.7 percent overall employment increase. Net absorption of
CRE cap rates are expected to remain unchanged, but investors looking for financing should benefit from lower rates.The Federal Reserve opted to cut interest rates for the third time this year at its October meeting, by a quarter percentage point, to a range of 1.50 to 1.75 percent. But while lower rates should
The Mesa community is comprised of several master-planned communities including Taylor Morrison, Shea Homes, Marcay Homes, Meritage Homes, Pulte Homes, Woodside Homes, and ranked once again at No.7 in the nation and No.1 in Arizona is Eastmark by RCLCO, Top-Selling Master-Planned Communities.
WASHINGTON, DC—Yesterday the Federal Reserve cut rates by a quarter-percentage point for the third time this year and hinted they may now put monetary policy on hold, for one meeting at least.An analysis by Marcus & Milichap suggests that the next decision on rate policy will largely be determined by the holiday retail
New York (CNN Busines)America’s top supermarkets are facing a new challenge: Grocery aisles in stores aren’t suited to meet the growing demand for online orders.So Walmart, Albertsons, Stop & Shop, Meijer, Hy-Vee and others are building automated mini-warehouses inside their stores and opening up “dark stores”
Following the acquisition of Fox Restaurant Concepts for $308 million, the Cheesecake Factory Inc. is starting to determine how it will integrate Sam Fox’s restaurants into its larger system.The Calabasas Hills, California-based company, which announced its third-quarter earnings on Oct. 29, has the difficult task of taking Fox’s
Even as the growth of e-commerce has lifted the entire industrial and logistics real estate sector, a sweet spot has emerged: warehouses smaller than 120,000 square feet, according to a new report from CBRE.CBRE analyzed U.S. industrial buildings by size and found that “light industrial” properties outperformed
The highly anticipated downtown Fry’s Grocery store opened its doors this month. Fry’s is the first full-service grocery store in downtown Phoenix, and will serve the growing number of people who live and work in the area. In recent years, Downtown has transformed from a sleepy submarket to a hotbed for multifamily, retail and entertainment activity.
The 30+ days delinquency rate went down by 3 basis points, according to Trepp, and 4 basis points, according to Fitch Ratings.As industry researchers expected, the 30+ days CMBS delinquency rate continued trending down in September. The all-property delinquency rate declined by 3 basis points during the month to
The impact of wellness features on the revenue of a hotel is no longer limited for very high-end hotels or luxury resorts, according to industry sources.“Hotels are using wellness to distinguish themselves from others and to remain competitive. With new hotel openings, the buying power has shifted to consumers, and therefore hotels are using
PHOENIX–It’s not exactly an expansive time for retail. And with recessionary talk taking more space in the news cycle, that’s a good thing. This theme carries through to retailers occupying the single-tenant net lease space, and as Scott Holmes, SVP and national retail director for Marcus & Millichap explains
SkyBridge Arizona and leading general contractor Graycor Construction Company joined today with local dignitaries, Phoenix-Mesa Gateway Airport, business leaders and project leasing firm CBRE to break ground on the first two buildings at SkyBridge Arizona. The major master-planned development will serve as the nation’s first-ever joint U.S. and Mexico inland port
Hines, the international real estate firm, announced today that it has sold Kierland One through a single purpose entity partnership between Hines and PCCP, LLC (PCCP) for an undisclosed price.Kierland One is 90% leased after recently finishing a building refresh that included renovating the lobby and updating the exterior paint
Americans move more often than any other people in the word. Within the U.S. borders, metro to metro migration accounts for many of the population shifts. But which are the top 10 most popular migration destinations? Using U.S. Census Bureau data, COMMERCIALCafé’s latest study answers precisely this question. And Phoenix is the No. 1 answer
WAYNE, PA—Prologis announced on Sunday it had struck a deal to acquire locally-based Liberty Property Trust for $12.6 billion.The deal is reflective of the high demand for industrial warehouses, particularly those that are located in high-demand, last mile delivery locations—indeed, the transaction will deepen San Francisco-based Prologis’ presence in target markets such as Lehigh Valley, Chicago, Houston
New York (CNN Business)Despite a recent drop in retail sales, softer business spending and a slowdown in job growth, the housing market keeps humming along. That’s good news for a US economy that may need housing to keep the current recovery alive. The National Association of Home Builders reported last week that builder sentiment in October reached its highest level since Feb
Multifamily developers continue to build at a vigorous pace in the Phoenix metropolitan area, but a unique segment of the market, single-family rentals, is gaining traction in the suburbs like the West Valley submarket. Of the 1,660 units currently underway in the submarket, about 42% is attributed to single-family rentals.Christopher Todd Communities is
Meredith Corporation’s MONEY.com announced its annual Best Places to Live list with Clarksville, Tennessee, ranked No. 1, followed by Round Rock, Texas, and Fishers, Indiana, respectively. The list, first published more than 30 years ago, takes into account each city’s economic health, cost of living, diversity, public education, income,
Evidence continues to mount that real estate investors are becoming more cautious as investment sales volume in the third quarter fell 6.0 percent compared to the year prior, to $151 billion, according to research firm Real Capital Analytics (RCA). However in two of the sectors RCA tracks—industrial and hotel—sales volumes rose by
The NYU School of Professional Studies Schack Institute of Real Estate is recognized globally as one of the world’s leading centers of real estate and urban research and industry engagement. In August, the institute also announced its plan to open the NYU Institute for Cities and Real Estate in Emerging Markets in Shanghai. The new academic institute will
Lincoln Property Company (LPC), Harvard Investments, dignitaries from the City of Mesa and business and community leaders joined today to celebrate the groundbreaking of the first office building at Union, a new project that – at build out – will total 1.35 million square feet in four Class A office buildings at the confluence of Mesa, Tempe and Scottsdale,