DAILY TOP 5

Investors, many from out of state, spent a record amount of money to buy more than 500 Phoenix-area apartment complexes in 2021 and 2022. That buying spree led to rent spikes and more evictions, housing advocates say. About $27.3 billion was invested in 517 Valley apartments during

Plans move forward now that NIH affiliate leases 35,000 square feet in first Wexford building. Baltimore-based Wexford Science & Technology LLC is moving ahead on a new $100 million bioscience building in downtown Phoenix next door to an identical tower that’s now nearly

Maricopa County continues to be a hotspot for population growth, with the U.S. Census Bureau reporting that the county remained the largest-gaining in the nation in 2022, adding 56,831 residents — an increase of 1.3% since 2021. With so many newcomers to the region — combined with elevated

A glut of available sublease space has accumulated in the Phoenix office market as users downsize due to hybrid work arrangements and economic uncertainty. The share of that vacant space has steadily climbed over the past three years and now sits at the highest level on record. More than

Greater Phoenix has been a top-ten US data center cluster for nearly a decade, and nowhere in the Valley of the Sun have data centers been proliferating faster than in the Phoenix suburb of Mesa. Last week, Google announced the start of construction on the first phase of a $600M data center campus on

The elephant – or perhaps Elephante – in the mall is news of a hot Scottsdale “catch.” Scottsdale Fashion Square last weekend unveiled redevelopment plans for its south wing, “including more experiential dining and more retail space dedicated exclusively to men.” Scottsdale Fashion Square features

The retail sector remains a bright spot in the broader commercial real estate landscape, as healthy consumption patterns keep tenants in expansion mode. Nearly every major U.S. market had more retail space occupied than vacated in the 12 months ending in the second quarter, though

Redfin has an interesting look at the current state of multifamily rents. On one hand, they’re still incredibly high in an historical setting. On the other hand, it’s costing them in concessions. The firm said that the median U.S. asking rent in August was $2,052. The same period in 2022 was the record high

After remaining flat during the first half of the year, Phoenix apartment rents are showing signs of weakness in late summer. Valley multifamily properties recorded a 0.4% decline in average asking rents in August, following a 0.2% reduction in July. The decline in rents is a departure from typical

Illinois-based company has already hired 100 in Arizona, with hundreds more jobs to fill. Food that arrives at Factor’s new warehouse in Goodyear is cut up, cooked and then packaged into meals that are ready to be shipped to customers nationwide, all in the span of

Scottsdale nixed a policy meant to encourage construction in Old Town on Sept. 5, in a largely symbolic vote that recommits the city to its limited development approach in the face of an expected economic downturn. The policy was called the Downtown Infill Incentive Plan. It gave developers

Back-to-office directives and absorption and occupancy increases deserve at least consideration as a glass half full. Heavens and the tax authorities know that the office market has been tough. Just within the last few weeks, Goldman Sachs said that work-from-home will

Renting an apartment in Greater Phoenix has become an increasingly costly endeavor since the onset of the pandemic. Zillow reports that as of July, the typical monthly rent in Phoenix is $1,949, up from $1,408 in March 2020 — a nearly 39% increase. At the same time, University of Arizona’s

Howard Hughes Holdings Inc. has received final plat approvals to begin moving forward on the first piece of its 37,000-acre master-planned community in Buckeye. Teravalis is Howard Hughes’ (NYSE: HHH) largest proposed master-planned community to date, said Heath Melton

Hundreds of new apartment units are coming to downtown Chandler in the next few months, and one building, which could be the downtown’s tallest, is working its way through the approval process. “We are starting to see a lot of people moving to downtown,” said Lauren Koll, Chandler’s downtown

Over the past decade, multifamily real estate has moved from being the perennial runner-up in sales volume, trailing offices, to becoming the top choice for commercial real estate investors. In 2021 and 2022, the multifamily sector attracted an influx of nearly $500 billion in capital as investors actively

For the past three years the multifamily sector has experienced a construction boom not seen since the 1970s, which has helped lead to the current moderation of rents. However that may be about to change.  According to a new report by Greg Willett of Institutional Property Advisors, rents could resume

One of the first projects approved will end up being one of the city’s tallest buildings Tempe City Council has approved hundreds of new apartment units, part of a prominent multifamily tower to be built. In separate actions on Sept. 7, Council approved a resolution for

Casa Grande quickly became one of the major landing spots for semiconductor industry companies after luring a major electric vehicle manufacturer. That fast-tracked economic growth is changing the shape of the Pinal County city and altering its mix of industries. Lucid, a luxury

While it’s crucial for apartment operators to meet modern-day renters where they are, it’s equally essential to anticipate the ways renter behaviors will morph moving forward. So how can operators gauge what’s next? For perhaps the most accurate depiction of what to expect in the coming years

Some 24 Albertsons stores in Arizona, roughly one-fifth of the locations the company owns here, will have new ownership, under a divestiture agreement announced Friday that’s pegged to the Kroger-Albertsons merger. The stores will be sold to C&S Wholesale Grocers under an agreement with

Kroger and Albertsons supermarkets will sell more than 400 stores to C&S Wholesale Grocers for nearly $2 billion as part of their proposed $25 billion merger, the companies announced on Friday. The divestiture, which was first reported to be in the works on Tuesday by Bloomberg, is part

Activity from cloud service providers continues to drive data center construction in Phoenix in the first half of 2023, helping the market retain its status as one of the primary data center markets in North America, according to a new report from CBRE. There is 163.5 MW under construction in

Phoenix City Council has unanimously approved the development of 1,890 housing units. At a Sept. 6 meeting, Council approved a zoning change from C-2 to PUD to allow mixed use at the southwest corner of Central Avenue and Coolidge Street, where RAS Developments plans