May 10, 2024

New listings, up; closed sales, up; and days on market, down. That’s positive news for residential real estate sales in year-over-year April data reported by Phoenix REALTORS. “A one-month boost isn’t a trend, but the reversal of prior months’ declines is welcome news,” said Sheryl Bowden, Phoenix REALTORS president. “We’re still seeing strength in median home prices even with the increase in home inventory.”

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Plans are in progress for a new terminal at Phoenix Sky Harbor International Airport, but construction won’t begin for at least several more years. The terminal’s construction isn’t expected to start until after 2030, the city of Phoenix, which owns and operates the airport, announced

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Despite forecasts of a post-2023 construction slowdown, many of Arizona’s commercial building contractors still have the Help Wanted sign out, and several are expecting a rebound in the office and retail sectors. Top executives from companies featured on the Business Journal’s 2024 Commercial Building Contractors list published May 10 answered some additional questions about the state of the industry. One industry group is predicting that even with a post-2023 slowdown, the nation’s construction industry will need to hire nearly a million workers on top of its normal hiring pace over the next two years to meet labor demands. How is your firm’s staffing looking?

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Cosanti is now two-for-two. First, at a curious March 21 Development Review Board meeting, board members not only unanimously approved the artsy apartments – they urged Cosanti to build an extra floor. Cosanti, which was originally to be called Sundown Commons but changed its name after

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Several large office tenant move-outs during first quarter fueled the Phoenix office market to post negative net absorption reaching -572,754 square feet, according to a report released by Colliers.  Despite total vacancy rising to 19.9 percent, the city’s landlords have been able to maintain healthy rental rates. As office space utilization continues to evolve with hybrid work schedules, the Phoenix office market is experiencing a trend of tenants rental

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May 9, 2024

U.S. multifamily growth is expected to accelerate in the second half of the year amid slowing completions and continued positive net absorption, according to new research from CBRE. CBRE research shows that average monthly rents in the first quarter ticked up 0.4% year

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With nearly one-fifth of multifamily properties now over 65 years old, it’s time to consider solutions for rejuvenating the rental housing stock in the U.S. With 17.6 percent of multifamily properties built before 1959, many require costly renovations to retain tenants and maintain

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Though challenges across multiple fronts have plagued the Phoenix office market for over four years, one segment of the sector has bucked the trend. Property performance for medical office buildings, or MOBs, has strengthened since the onset of the pandemic, with vacancy declining

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The trustee auction for the 290-room Westin Tempe has been delayed a third time as the owners of the property search for a buyer. After Las Vegas-based CAI Investments LLC, the owner of the Tempe hotel, failed to make its loan payments, Dallas-based Hall Structured Finance

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Home prices trended up in almost all U.S. metro areas during the first quarter of 2024. Out of 221 metro markets analyzed, 205 (93%) posted yearly home price gains in Q1 2024, while 30% experienced double-digit price gains during the same period — up from 15% in the fourth

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May 8, 2024

U.S. multifamily rent growth is expected to accelerate in the second half of 2024 as new construction completions decelerate and positive net absorption continues, CBRE reported. The first quarter saw average monthly rents grow 0.4% year-over-year to $2,163. Notwithstanding

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Multifamily developer LV Collective, along with two partners, have closed on a deal to build a luxury, off-campus student housing complex in Tempe, Arizona, near Arizona State University. The transaction comes as the asset class outperforms its traditional multifamily peers and

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Multifamily performance remained strong in April, with rents rising for the second consecutive month. According to the latest Yardi Matrix National Multifamily Report, the average U.S. asking rent increased $6 to $1,725 last month. The year-over-year growth rate was flat at 0.7%

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Starwood Property Trust CEO Barry Sternlicht, long a critic of the Federal Reserve’s tight monetary policy, blasted the central bank and Fed Chairman Jerome Powell again during the company’s first-quarter earnings call on Wednesday, which reported that Starwood beat earnings

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Demolition of what once was a Motorola facility at 52nd Street and McDowell Road has commenced, making way for revitalization of this storied site in Phoenix. Located minutes away from Sky Harbor Airport, Arizona State University, Scottsdale and Downtown Phoenix, Dan Slack

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May 7, 2024

In 2023, a few top metros for industrial deliveries emerged as the sector further displayed resilience and adaptability, fueled by the reshoring and nearshoring of manufacturing, increased construction spending and the lasting impact of e-commerce. These trends signaled a strategic

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New Jersey-based Hovnanian Enterprises Inc. (NYSE: HOV) has filed a zoning request with the city of Scottsdale for a parcel of land that once was home to Rawhide Western Town and Steakhouse. After Rawhide moved to the Gila River Indian Community south of Chandler in

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Vestar has announced plans to break ground this month on Phase 2 of construction at Vineyard Towne Center in Queen Creek, roughly 40 miles outside Phoenix. Upon completion, Vineyard Towne Center will comprise 260,000 square feet. Tenants at Phase 2, which is fully

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The national average for apartment occupancy ticked up month-over-month to stand at 94.2% in April 2024, RealPage Market Analytics said Friday. Marking the first monthly increase since February 2022, the April average is a “mild” 10 basis points above March’s reading, according

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The dream of home ownership has gotten even further away for renters, with higher housing costs and elevated interest rates standing in the way of the American housing dream, according to a New York Federal Reserve survey released Monday. The share of renters as

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May 6, 2024

Arizona, over the past three years, has scored some huge victories in luring major semiconductor investments to the state, including a major Intel Corp. expansion in Chandler and the construction of three new factories in north Phoenix by Taiwan Semiconductor Manufacturing

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Greater Phoenix has been posting record levels of industrial construction and delivery of new product has driven up vacancy levels in the metropolitan area, according to a report from Colliers.  During first quarter, 9.7 million new square feet were completed and vacancy rose

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According to industrial CRE giant Prologis, its Industrial Business Indicator Activity Index showed an April level of activity “consistent with demand generation, supported by macro data that reflects restocking inventories amid resilient consumption activity, although realized net

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As the industrial real estate market in Arizona experiences a monumental transformation, it’s crucial for tenants and occupiers of space to understand how the current surge in new construction deliveries and ongoing developments can impact them and their real estate strategy

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Home sales in the Phoenix-metro area saw a decrease in March, but Phoenix REALTORS data still shows bright spots for both availability and home prices. This comes against the backdrop of robust existing-home sales across the United States, which last month exceeded economists’

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