Albert Einstein once said, “Imagination is everything. It is the preview of life’s coming attractions.” One thing the West Valley does not lack is imagination for what’s to come. As one of the fastest-growing regions in Arizona and the country, West Valley economic leaders and planners have been
Developers of ZenCity, a new 90-unit stackable modular apartment project in downtown Mesa, hope its housing model will help address shortages that face the state. Arizona is home to some of the fastest-growing communities in the country and Maricopa County is the fastest-growing
The numbers: A survey of U.S. consumer confidence climbed to a two-year high of 117.0 in July, a sign that Americans are growing more optimistic about the economy. The closely followed index rose 6.9 points from a revised WAS 110.1 in June, the Conference Board said Tuesday. Consumer
The bipartisan Economic Innovation Group (EIG) looked at two research papers that examined Opportunity Zones (OZs). Although not perfect — no policy is — the “sharp departure from previous attempts” shows a path that future government actions in the area might model
There is now almost 49 million square feet of new industrial construction underway in metro Phoenix, created in part by 31 speculative groundbreakings that during the second quarter added an additional 6.6 million square feet of planned space to the Phoenix pipeline, according to the
Three years after starting the marketing process for a massive mixed-use project in midtown Phoenix and a lengthy reevaluation during the Covid-19 pandemic, Pivotal Group is set to bring “The Central Park” back in front of city officials. Pivotal Group Inc., a high-profile Phoenix real estate
Finding temporary housing in Phoenix often is challenging and expensive, so one group with needs for short-term shelter is taking an “entrepreneurial” approach. Phoenix Theatre Company bought a 36-unit apartment complex in central Phoenix to house visiting artists and generate funds as
Stubborn vacancies in the office sublease sector and murky outlooks on interest rates and back to work trends have challenged the metro Phoenix office market, but positive momentum during the second quarter could influence that trend, raising hopes for an end to seven straight
Apartment demand is rising across U.S. several markets through the first half of 2023, an encouraging turn after demand underperformed last year. Dallas-Fort Worth, Houston, Phoenix, Atlanta and Austin, Texas, all report rebounding demand. While Dallas-Fort Worth and Houston led the
Despite a recent uptick in asking rental rates, your dollar goes further to lease an office in Phoenix than it does in other major metro markets. A recent analysis by CommercialEdge, which is part of Santa Barbara, California-based real estate software company Yardi Systems Inc., found Phoenix to
Four major investment firms have taken steps this month to set up nontraded real estate investment trusts so they can swoop in when property values finally adjust to a new economic reality of significantly reduced prices. The filings with the Securities and Exchange Commission
Industrial vacancies could increase in the Valley as a large portion of buildings that saw construction delays earlier this year could deliver by early 2024 amid strong demand from tenants. In the second quarter of this year, major brokerage firms estimated that the Phoenix metro had
Three years after starting the marketing process for a massive mixed-use project in midtown Phoenix and a lengthy reevaluation during the Covid-19 pandemic, Pivotal Group is set to bring “The Central Park” back in front of city officials. Pivotal Group Inc., a high-profile Phoenix real
May 2023 saw U.S. year-over-year multifamily rent growth turn negative for the first time since the Global Financial Crisis of 2007-2008. The decline was -0.6%. However, the data analytics firm Markerr’s outlook for the next five years was much more positive. It predicted that the top 100
The bankruptcy of home goods retailers Bed Bath & Beyond and Buybuy Baby will leave more than 10 big box spaces vacant in the Valley. Retailers, landlords, and commercial brokers could see an opportunity to write the next chapter of those empty buildings. Generally, a Bed Bath & Beyond
A shuttered amusement park in north Scottsdale could make way for a $1 billion redevelopment with apartments, condominiums, office space, a hotel and retail development on the 28-acre CrackerJax site. George Kurtz, CEO of cybersecurity company CrowdStrike, bought the former CrackerJax amusement
The term “mind the gap” had its start in England as a reminder that subway patrons should step over the space between the train door and platform. Today in commercial real estate, the gap is a bid-ask transaction one, where buyers and sellers are separated by a space between their respective
Owner and developer SunCap Property Group is adding to its portfolio at Gilbert Spectrum with construction of a Class A, 119,222-square-foot “Building 3.” SunCap has selected Graycor Construction Company as the design-build contractor for the building, which will continue the evolution of the
Several Sun Belt markets rank as the top spots for built-to-rent product with Phoenix, Dallas-Fort Worth and Denver taking the top three positions. Developers are homing in on robust population growth and tapping into a consumer segment that bridges the rental market and
Lenders and special servicers are looking beyond refinancing options when it comes to working with borrowers on commercial real estate loans that are set to mature in the coming months and years, even as those loans increasingly are backing properties facing distress.
X Phoenix, a 506-unit residential coliving and membership club located in the heart of Downtown Phoenix, is opening a 27,000 sq ft., dedicated coworking space on Mon. July 17, 2023. The space offers dedicated desks and private offices as well as an expansive area for a multitude of
The US economy has continued to show remarkable strength over the past year despite a barrage of warnings from CEOs and economists that a recession is on the horizon. Even the most recent batch of jobless claims data shows just how resilient the jobs market, and therefore economy, continues to be, with
New documents have been submitted for high-end restaurants, retail and residential on a prominent corner of Scottsdale. Earlier this month, Stockdale Capital Partners filed plans for “Scottsdale City Center,” which is phase two of a mixed-use development in Old Town Scottsdale. This latest phase, proposed on
Optima Kierland is finished – finally. Optima announced the grand opening of 7190 Optima Kierland, the fifth and final Optima tower at Kierland in North Scottsdale. The 10-story tower has 216 units including studio, one-, two-, three-bedroom and penthouse apartments