May 8, 2019

Twenty-five percent of Redfin.com home searchers looked to move to another metro area in the first quarter of 2019, compared to 23 percent during the same period last year. The national share of home-searchers looking to relocate currently sits at its highest level on record, tied with the fourth quarter of 2018. The latest migration analysis is based on a sample of more than 1 million Redfin.com users who

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Arizona climbed to No. 7 in an annual survey of CEOs about which states are best for business. The Grand Canyon state had been No. 9 each of the previous two years in Chief Executive’s rankings of the best and worst states for business. The magazine compiles the list each year by asking CEOs to rate the states in which they do business on taxes, quality of employees and quality of life. “Our methodology for this list is

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CBRE announced the sale of an 8.24-acre site located at the southwest corner of Raintree Drive and 87th Street in Scottsdale, Ariz. The land commanded a sale price of $11.5 million.Barry Gabel, Chris Marchildon, Will Mast and Mitchell Stravitz of CBRE represented the seller, Liberty Property Trust, in the transaction. The buyer was Trammell Crow Company (TCC), one of the nation’s leading developers and investors in

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Retail is alive and well—booming—in Goodyear, Arizona. As one of America’s fastest growing cities with a primary trade area population nearing 142,000, real estate developers (who collectively invested nearly $100 million just last year) are seizing available sites and properties as quickly as possible. Most recently, a West Coast developer purchased 36 acres of prime retail land for $6 million, and a joint venture

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Members of the real estate community are scrambling to understand how they can profit by investing in one of the more than 8,700 low-income areas designated as federal Opportunity Zones. But it’s the asset that should drive the investment decision, not the tax benefits, says Dean Adler, CEO & co-founder of real estate equity shop Lubert-Adler Partners. “The question is, many people who are promoting these

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Investors can still find the financing they need to develop apartment properties.“If you can get a site to build, there are people who would love to lend on it,” says Bill Leffler, vice president in the multi-housing group of real estate services firm CBRE. Interest rates remain low and many lenders are willing to make multifamily construction loans. However, these lenders have become more

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The future still bodes well for the office and industrial sectors, according to the Royal Institution of Chartered Surveyors 2019 Q1 U.S. Commercial Property Monitor report. However, survey participants indicate that more downward movement is on tap for the retail sector. On the whole, according to the report, “results show sentiment in the real estate market remains generally solid in the first

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While it’s often blamed for the fall of brick-and-mortar stores nationwide, Amazon also helps millions of small businesses thrive in the digital era. The tech giant published its second annual “Small Business Impact Report” on Tuesday, revealing that it has helped more than 1.9 million U.S.-based small and medium-sized businesses (SBMs) generate more than $160 billion in 2018. The company says that

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Outside the Lines (OTL), a design-build construction company that specializes in creating one-of-a-kind water features, rockwork and themed environments, has announced its role in the construction of an architectural fountain for the central plaza of The Grand at Papago Park Center, a new 3.2 million-square-foot, Class A mixed-use project on the last developable parcel within the

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May 7, 2019

Each week seems to bring new industrial construction projects in Phoenix as developers and investors scramble to meet demand for distribution and logistics facilities in the area and across the Southwest. Seefried Industrial Properties and Crow Holdings Capital Real Estate just bought 40 acres in Avondale near Goodyear, Arizona, for construction of 101 Logistics Park, a two-building regional distribution

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May 6, 2019

The state’s seasonally adjusted jobless rate ticked down a tenth of a point in March in what, by all indications, was a pretty unremarkable report. On one hand the state’s construction industry continues to boom, adding 2,800 jobs last month and 16,700 in the past year. That latter figure was enough to post a 10.8 percent year-over-year gain. But Arizona also lost 900 jobs last month in wholesale and retail

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The latest investor smitten with the rent growth in greater Phoenix is Dallas investment shop Milestone Investments. Milestone threw down $112 million, or $157,000 a unit, for an apartment complex in suburban Avondale, Arizona, according to CoStar data. The 715-unit Bella Mirage is 10 miles west of downtown Phoenix. The garden-style complex was built in 2009, giving Milestone a chance to buff up

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Last week’s economic news paints quite a picture.Employment is growing at twice the rate necessary to keep pace with growth in the working-age population. This, as a result, will pull more unemployed workers into the labor force. In addition, employment also grew well above expectations. The unemployment rate is now at a nearly 50-year low. Personal income continues to grow at a faster pace than

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Five Star Development announced today it has exceeded over $215 million in luxury real estate sales within the initial release of The Villas at The Ritz-Carlton Residences, Paradise Valley and will officially begin writing contracts for the second release, The Estate Homes, on Monday, May 6. Within The Villas, only a handful of Residences are available for purchase, starting from $1.6 million. One of the most

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Southwest Mesa didn’t lose its vibe – a vibe that once included the region’s premier shopping mall – overnight. So, no one expects that vibe to come back overnight, either. And when – if – it does, it will be nothing like the magnetic attraction that drew shoppers and diners a generation ago. Outlines of that future are beginning to emerge, one property at a time, under the watchful eye of a city government that has

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May 3, 2019

Hiring was strong for the second straight month in April and unemployment fell to a new 50-year low, easing concerns that a slowing global and U.S. economy could dampen job growth.Employers added a booming 263,000 jobs, the Labor Department said Friday, beating forecasts of 190,000. The unemployment rate fell from 3.8% to 3.6%, lowest since December 1969, but that was because nearly 500,000

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The state’s seasonally adjusted jobless rate ticked down a tenth of a point in March in what, by all indications, was a pretty unremarkable report. On one hand the state’s construction industry continues to boom, adding 2,800 jobs last month and 16,700 in the past year. That latter figure was enough to post a 10.8 percent year-over-year gain. But Arizona also lost 900 jobs last month in wholesale and retail trade. On an

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PCS Development and RTE2 Builders announced it will officially break ground in June of 2019 on The Premiere at Eastmark, a 216-unit, $46 million, Class A Residential Apartment Community at Eastmark, in Mesa’s expanding Gateway corridor. The owners assembled a best-in-class planning, design, engineering, and management team to develop the property at levels never seen before in the

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The Phoenix office of JLL has completed a 40-acre land purchase that paves the way for 101 Logistics Park, a new two-building, Class A industrial regional distribution center being developed in Avondale, Arizona by Seefried Industrial Properties and Crow Holdings Capital Real Estate.JLL Managing Directors Marc Hertzberg and Anthony Lydon, and Vice President Riley Gilbert represented the developers in the

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The Phoenix Suns announced Friday the location of their new training facility, which will sit at Camelback Road and 44th Street in Phoenix.The team plans to break ground on the facility by the end of summer this year.The facility is privately-financed and will “feature the latest innovations in sports science and player development,” a statement from the team said. It will also include offices, health and training

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May 2, 2019

According to data released today by the U.S. Bureau of Economic Analysis, Arizona’s real gross domestic product (GDP) increased by four percent in 2018, the fourth fastest growth rate in the nation. Arizona’s GDP growth outpaced that of 46 other states including California (3.5%), Florida (3.5%), and Texas (3.2%). Sectors including manufacturing, real estate and rental leasing, and construction contributed the

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Microsoft has bought a third chunk of land in metro Phoenix, continuing to leave its footprint in Arizona.The company confirmed to KTAR News 92.3 FM that it intends to “develop world-class datacenter [sic] facilities” on the El Mirage land.More than 150 acres of land was purchased for $20 million.The statement said the purchase was part of plans to “support the growing demand for cloud

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The Phoenix-Mesa-Scottsdale metro area added the most construction jobs of any metro area in the nation during the past twelve months, according to an analysis released by the Associated General Contractors of America today. As local construction firms expand their payrolls, the national association and its local chapters are taking steps to prepare the next generation of construction workers amid

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“This community is special,” said Tim Brislin, Vice President of Harvard Investments. “From our early planning stages to the final execution, we intended Cadence to be the finest master-planned community in the East Valley. It is gratifying to see the positive response just months after we opened from a variety of individuals and families eager to become part of Cadence. We love seeing new neighbors move in

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U.S. commercial property sales prices in recent months reflect smaller gains than in previous years, especially for high-value real estate in key markets.CoStar Commercial Repeat Sale Index data show that while prices across regions and property types rose in the first quarter, they did so by a smaller amount than in the previous year. Multifamily and industrial led growth among property types. A maturing real estate

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