Though the Phoenix metropolitan area maintained its position as one of the top 10 fastest-growing markets in the country last year, population gains were uneven throughout the Valley. The latest data from the U.S . Census Bureau, which measures resident changes from July 1, 2022, to July 1, 2023, for cities and towns throughout the
Days after completing a massive Valley land deal with Microsoft, Dermody Properties has sold off another block of its land in El Mirage at the LogistiCenter at Copperwing industrial complex.
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.
Queen Creek, Ariz. — Development firm Creation is set to break ground on The Switchyard, a $120 million mixed-use development located at the northeast corner of Ellsworth and Ocotillo roads in the Phoenix suburb of Queen Creek. Plans for the 10-acre project include the
CBRE negotiated the $161.4 million sale of the 365-unit Carter in downtown Scottsdale, representing the largest multifamily sale in Arizona year-to-date. CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, the U.S. multifamily
Clayco broke ground May 31 on Ray Phoenix, a 26-story luxury apartment tower in downtown Phoenix. The $180 million project will span 523,000 square feet and include 401 residential units and 4,500 square feet of ground level retail. Developers of the project are New York City
Founders Properties has purchased 21st Street Center, a 162,232-square-foot property in Tempe, Ariz. Clarion Partners sold the asset for $30 million, according to public records. The Lincoln National Life Insurance Co. provided a $15 million acquisition loan, the same source
Even after dropping considerably over the past month, mortgage rates remain well above 7% ahead of the next U.S. jobs report and the next meeting of Federal Reserve policymakers. Mortgage rates were nearly flat on a weekly basis as HousingWire’s Mortgage Rates Center showed
Clayco, a leading full-service real estate, architecture, engineering, and design-build construction firm, has broken ground on Ray Phoenix. The design-forward multifamily residential building features one of the region’s most comprehensive amenity packages, spacious studio, one
The first Hard Rock hotel in Arizona is set to debut in 2026. Hard Rock International, along with equity partner ERES Capital, confirmed its development plans on June 4 for its new Scottsdale-area hotel. As revealed by the Business Journal in 2023, Reverb by Hard Rock Scottsdale
Technology giant Microsoft paid more than $258 million for land in El Mirage, adjacent to where it is continuing to grow its data center campus. Microsoft closed on two pieces of land at Northern Parkway on either side of Dysart Road May 31, according to Maricopa County property
Early signs are emerging that the $280 billion in federal aid aimed at spurring investment in domestic semiconductor production is gaining traction. Commercial property specifically is registering the benefits as public subsidies and private capital flow into the semiconductor industry
Two years into a sharp spike in interest rates, we are finally starting to get some clarity on commercial real estate financing. Up until 2022, borrowers were mostly concerned with “finding the lender with the lowest rate.” By the end of 2023, the sentiment was more “please
Ninety-one percent of adult Gen Zers say housing affordability is the most important issue when considering who to vote for in the upcoming presidential election, according to a survey conducted for Redfin. Gen Zers were more likely to rate affordable mortgages or rents as an important factor in their
Consumers are heading back to the shopping mall, which is great news for retail owners, operators and tenants that rely on in-person sales and experiences as part of their respective business models. According to Placer.ai, February and March of this year saw a steady rise in foot traffic at malls nationally. Indoor malls sit just 5 percent below their pre-pandemic foot traffic levels, while open-air shopping malls surpassed 2019 levels for the first time since the pandemic. The trend marks an incredible resiliency for the retail space, especially as financing and inflationary issues loom over the economy. But with all these shoppers coming back to the mall, the question is: will they recognize it?
Phoenix-based specialty grocer Sprouts Farmers Market (Nasdaq: SFM) is set to open its newest store in its hometown near the Taiwan Semiconductor Manufacturing Co. complex being built in North Phoenix. The store will open June 14 at 34750 N. North Valley Pkwy, just off
High mortgage interest rates are pushing prospective homebuyers to consider build-to-rent communities instead. Build-to-rent (BTR) communities with single-family home rentals fill the space between traditional rental properties and housing developments. They are constructed with
Most Wall Street economists think investors can take the summer off, with no Federal Reserve rate cut on the horizon. But some economists still say there is a chance the central bank will lower its policy rate at its July meeting. “A July cut is our baseline,” said Steve Englander, head of
Mack Real Estate Group has bought 2,300 acres of state land at auction to build a $7 billion tech village in north Phoenix. The New York-based investor, the only bidder, bought the land surrounding the Taiwan Manufacturing Semiconductor plant with a minimum bid of $56.28 million
Industrial projects continue to move forward, albeit at a more moderate pace. According to CommercialEdge data, approximately 401 million square feet of industrial space was under construction across the U.S. by the end of April, accounting for 2.0 percent of total stock. The
Danelle Plaza was first built in 1963, when it was billed as “the heart of Tempe’s new downtown” by its original developer. It was even the location of City Hall for a period of time around 1970. Hopes for the property outdistanced reality. Today, the 14-acre site at Mill and Southern
The real estate frenzy spurred by the coronavirus pandemic continues, though at a slower pace. Buyers are still competing for a limited supply of housing, driving up prices for affordable properties. In April, the typical home value in the United States was $359,402—4.4%
CRE debt organization has continued to slow but has reached a virtually flat position, according to Newmark’s 1Q24 State of the U.S. Capital Markets. Origination volumes were down only 2% year over year in the first quarter of 2024 — still a drop but a significant improvement
Mack Real Estate Group was the winning bidder for the development rights to over 2,300 acres adjacent to Taiwan Semiconductor Manufacturing Corp.’s semiconductor fabrication campus in Phoenix’s North Valley. The auction win is one of the most noteworthy signs yet
RED Development today announced the first phase of retail is nearing 100% leased at PV, the highly anticipated redevelopment of the former Paradise Valley Mall, ahead of its grand opening this fall with the addition of seven new tenants, including first-to-market restaurants