Grand Canyon University is expecting another record-breaking class of new students in 2023-24 despite the continued downward trajectory of college enrollments across the country. GCU is projecting a more than 14% increase in new students from last year, including a class of more than 11,000 incoming traditional-age (21 and under) students attending both
Signs are emerging that the market is bottoming, and sales volumes will increase moving forward. There is a lag between offerings and closed transactions, so this recovery is likely another quarter away, according to market update report from Colliers. Multifamily volume
The team behind one of the largest — and most expensive — mixed-use developments in the East Valley has secured the land for its project that had attracted neighborhood opposition and was significantly altered from its original proposal. Power Ranch LandCo LLC closed a deal to acquire more than
Federal Reserve Chairman Jerome Powell took a firm position in his keynote speech at the Kansas City Federal Reserve Bank’s annual retreat in Jackson Hole, Wyoming, with his opening message previewing the rest of his address: “It is the Fed’s job to bring inflation down to our
A joint venture between two local real estate developers acquired 225 acres in Phoenix’s Buckeye suburb for a business park planned for up to 3.6 million square feet of industrial space.Van Tuyl Cos., based in Scottsdale, Arizona, and Eisenberg Co., with headquarters in
Banyan Residential, a Los Angeles-based private real estate investment firm, in partnership with national developer Milhaus, has commenced construction on the first phase of a new 515-unit luxury apartment community in Phoenix, Arizona. Phase one, a $117M development consisting of
Apartment rents have fallen to minus 0.7%, based on Apartmentlist.com’s most recent estimates for July of this year. This is the first year-over-year price drop the market has experienced since the beginning of COVID-19. But the decline has been uneven ever
As one storied Phoenix law firm shutters its doors, another is ready to board a “rocket ship” to a new phase of growth. After more than 80 years in business, Jennings, Strouss & Salmon PLC recently announced it would cease operations at the end of August. That opened the door for
Salt and Lime Modern Mexican Grill, a popular restaurant in Scottsdale, is planning to open a new location in Phoenix’s Arcadia neighborhood in early 2024. The restaurant, which has operated at 9397 E. Shea Blvd in Scottsdale since 2014, signed a lease for
Nearly two years after DraftKings announced plans to open a retail sportsbook at the TPC Scottsdale golf club the facility is inching closer to opening this fall. Once completed, the 13,000-square-foot facility that sits on a 3.2-acre parcel on the southeast corner of
More than 60 acres in east Mesa could be home to a new multifamily community and shopping center. Vivo Partners, Hawkins Cos., Greystar Worldwide and Bela Flor Communities are proposing Medina Station at the southeast corner of
Multifamily developer confidence heading into Q3 and Q4 of 2023 remains upbeat, even though the market is experiencing a highly competitive landscape and higher-than-expected costs in land, labor, and construction materials. Many also see strength continuing into
A new Liv Communities multifamily complex with additional entertainment facilities is planned for a large piece of vacant land along the Loop 202 in Phoenix, an area that is seeing substantial growth since the completion of the freeway in 2019. The new mixed-use development is
Axon, the Scottsdale-based maker of Taser stun guns, law enforcement body cameras and records-keeping software, is planning to add apartments, a hotel and commercial space, like restaurants and shops, to its north Scottsdale campus. Axon bought about
One consequence of decades-long, ultra-low interest rates is that many homeowners are locked into cheap mortgages and are unwilling to sell their property if it means having to get a new mortgage with a rate several percentage points higher than their current loan. It can cost homeowners who
The CRE industry has been dealt a big blow with eleven interest rate hikes since March 2022 and a federal funds rate that jumped from 0.0% to 5.25%. This rapid interest rate increase has caused expected cap rates to rise to the 6.0%-8.0%+ range from the 3.5%-5.0% range only fifteen months ago and a painful revaluation of almost all CRE assets. The average CRE property’s value has slid by about 25% due to this higher cost of capital. This is a risky situation for the industry; however, it does
A highly visible parcel of land along Loop 101 in north Scottsdale is under new ownership. Earlier this week, ASM America Inc., the Phoenix-based U.S. arm of an international semiconductor equipment supplier, purchased nearly 24 acres near the southeast corner of Scottsdale Road and Loop 101, according to real estate database
The Global Ambassador, the luxury hotel being developed in Phoenix’s Arcadia neighborhood by famed Valley restaurateur Sam Fox, has signed a partnership deal with Preferred Hotels & Resorts, a deal that will connect the property with some of the most celebrated high-end hotels in the country. Expected to open in November, The Global Ambassador is now part of Preferred Hotels & Resorts’ Legend Collection, which
A Japan-based chemical transportation, storage and distribution company that services the semiconductor industry is building its first U.S. distribution plant in Casa Grande and forecasting it will create about 90 new jobs. NRS Logistics America, a subsidiary of NRS Logistics, bought 40 acres in Casa Grande and plans to build a 69,000-square-foot facility for the storage of flammable, corrosive chemicals and oxidizers for use
The newly released RentCafe.com Rental Activity Report ranks 150 cities based on renters’ interest in moving this August. Chandler, Gilbert and Peoria are among the Top 30 most sought-after cities for renters this month, setting a record for
Virtually every confidence indicator is on the rise and the threat of an imminent recession is falling while recent data show that inflation is nearing the Federal Reserve’s goals set more than a year ago. The overall inflation number reported last week was not what many wanted, as gasoline and food prices led it
Retail experts have long sounded the alarm on malls in the US. But malls are not going extinct, they are merely adapting to a new environment. In fact, many have reported robust occupancy levels and bigger crowds than before the pandemic, according to a recent market analysis from Coresight
A chicken concept, an Italian ice shop and a peach cobbler restaurant could be some of the newest tenants moving into a new retail center in Glendale. Scottsdale-based Diversified Partners is planning to develop a 35,000-square-foot retail and services strip with more than a dozen buildings at the southeast
Thompson Thrift, a full-service nationally recognized real estate company, announced today the commencement of construction on master infrastructure improvements and approximately 35,000 square feet of freestanding and multi-tenanted retail space near the $20+ billion Taiwan Semiconductor Plant
The recent reset in office demand has rocked U.S. markets from sea to shining sea. At the midpoint of the third quarter of 2023, the national office vacancy rate hit a record high of 13.2%, a full 370 basis points higher than at the end of 2019. Such a dramatic swing in vacancy is a powerful statement about the