It’s no secret that commercial real estate has been struggling the past few years. The sector is still reeling from the pandemic, which pushed more professionals to work from home and consumers to shop and dine at home. As a result, office vacancy rates reached a 30-year high around
Rents rose for the fourth straight month, but gains were moderate, according to Yardi Matrix’s May National Multifamily Report. The average U.S. asking rent increased by $6 to $1,733, and the year-over-year growth was unchanged at 0.6%. The Northeast and Midwest continue to
Nearly 300 acres in Laveen at the base of South Mountain are one step closer to an ambitious transformation. The city of Phoenix’s Economic Development and Housing Subcommittee on June 12 unanimously recommended that City Council approve a development agreement with
Gilbert ranks as the third best city to live in for safety and affordability in the U.S., according to a new study that looked at the safest and most affordable U.S. cities. Surprise ranked No. 25 on the list, Chandler was No. 34 and Mesa is ranked No. 44. Researchers at GOBankingRates analyze
Consumer prices increased 0.3% in April on a seasonally adjusted basis. Shelter and gasoline combined contributed most of the monthly change in the Consumer Price Index for All Urban Consumers (CPI-U) based on the U.S. Bureau of Labor Statistics May 15 release. The energy index increased 1.1%
GMH Communities has topped out the East Tower of its Central Station project on 2.6 acres in downtown Phoenix. The East Tower is one of the two residential community towers that will offer market-rate, workforce, and student housing with two levels of below-grade parking within the 1 million-square-foot mixed-use development.
The owners of the 290-room Westin Tempe have negotiated a significant loan extension and will retain control of the hotel after it faced the risk of being sold at auction. Las Vegas-based CAI Investments, the private company that developed and owns the Westin Tempe, announced it has secured a $93 million extension
Global private equity firm Younan Properties has purchased a 25-story high-rise office building in the center of downtown Phoenix. Younan Properties acquired the Class A building in late May from commercial real estate firm DPC Development Cos. and Bridge Investment Group
Phoenix’s Office of Heat Response and Mitigation has released the first draft of the city’s shade plan with a focus on certain communities. Wealthier neighborhoods, especially in central and east Phoenix, have a higher percentage of tree canopy coverage compared to lower-income areas in south and west Phoenix.“The highest census tracts are
It is little secret that the market is worried about regional banks that have a high concentration of commercial real estate loans. Moody’s just placed six banks on review for their concentration of loans in this category. And now Pacific Investment Management Co., or Pimcoexpects more regional
Employment growth was surprisingly strong in May, as employers added 272,000 jobs, according to the federal Bureau of Labor Statistics. This was far above consensus expectations of 180,000 in a market that had shown signs of cooling. Revisions to earlier months brought figures for those periods lower
FrameTec, an Arizona building component maker, is a step closer to “covering the state” after a recent approval from Casa Grande’s Planning & Zoning Commission. The Camp Verde-based company got the go-ahead from the commission on June 6 for a major site plan related to its proposed expansion. The two-
Soltrust Residential REIT (Formerly Blueprint Capital REIT), an innovative REIT specializing in development of infill, build-to-rent, and value-add apartments, created Alloy Midtown to live up to its name. Alloy is a combination of metals blended into one that creates a stronger
Retail sales rose significantly, showing strong increases both month-over-month and year-over-year, as consumers continued to spend and drive growth. Total retail sales (excluding automobiles and gasoline but including restaurants) rose 1.35% month-over-month in May and
In the last decade, six different industrial submarkets have more than doubled in size, while an additional seven grew between 50% and 100%. But as we stand today, Phoenix is No. 1 in the nation with the largest active industrial pipeline. A wave of industrial development — the
Some of the first restaurants and stores will open at PV, the redevelopment of the former Paradise Valley Mall this fall. Phoenix-based RED Development announced seven new tenants at the former mall, near Cactus Road and Tatum Boulevard, which was torn down in 2021
The Valley remains one of the hottest relocation destinations in the U.S. according to a recent report studying moving patterns. In a report released in May by PODS Enterprises, LLC, a moving and storage company, Phoenix ranked No. 7 nationally among cities with the highest
Major hotel transactions have been few and far between over the past several years, as inflation has surged across the globe along with higher interest rates. A bid-ask gap between sellers and buyers has sidelined deals activity, while the so-called wave of distressed hotels has not
Transactions, liquidity, price discovery, and valuations spin in a circle. Recently, the lack of transactions has affected valuations, which makes qualifying for liquidity through financing difficult to obtain, driving down valuations when owners have to sell for lack of refinancing, making them stick because price discovery becomes warped, and so on.
The Green Street Commercial Property Price Index increased 0.7% in May from the previous month. The all-property index, a measure of pricing for institutional-quality commercial real estate, has increased 1% this year and is now 21% below its peak in March 2022. “Property pricing this year has trended in line with our
In the last decade, six different industrial submarkets have more than doubled in size, while an additional seven grew between 50% and 100%. But as we stand today, Phoenix is No. 1 in the nation with the largest active industrial pipeline. A wave of industrial development — the result of prolonged investor
A private investor has paid $44.3 million for the leasehold interest in Sky Harbor Center, a recently renovated, 534,849-square-foot office campus in Phoenix. The buyer financed the purchase with a $43.6 million loan from Zions Bank, public records show. Cushman & Wakefield arranged the sale, reportedly the largest office transaction
To understand the concerns over multifamily, all it takes is a stroll through the numbers in Newmark’s 2024 Q1 United States Multifamily Capital Markets Report. Inventories and operating costs are up, rent growth is negative, and $669 billion in loans, many “in a very different environment than when they were originally issued
When inflation in the U.S. reached its high point about two years ago, it was prevalent across nearly all categories—in grocery aisles, at the gas station and, perhaps most noticeably, in monthly rent checks.Today, as price growth continues to moderate for many goods and services, stubborn housing costs remain a key sticking
Multifamily developer Wood Partners has started construction on Alta Dove Valley in Phoenix and Alta 87 in Gilbert, Arizona. These two new communities expand Wood Partners’ presence in the Phoenix metro, bringing its total community count in the state to 28 since the Great Financial Crisis.