September 7, 2021

Where did everyone go? Even though the U.S. Census shows Mesa’s population grew to over a half million, solidifying its rank as the second-largest city in Maricopa County…it was still a far cry from earlier projections.According to Census information released by the Maricopa Association of Governments, Mesa’s official new

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Decron Properties continued its rapid expansion into the Phoenix MSA with its recent acquisition of Broadstone Grand, a 300-unit multifamily community in Tempe for $106.5 million. Since entering the market in May of this year, the Los Angeles-based real estate investment company has acquired three properties in

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September 3, 2021

Commercial real estate investment volume surged to between $137 billion and $145 billion during the second quarter, according to a trio of capital markets reports from Colliers, CBRE and Newmark.Those numbers represent a year-over-year increase ranging from 170-plus to 180-plus percent. Further, this was the third-highest volume on

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The U.S. multifamily sector headed into the third quarter of 2021 on the upswing, as record-setting demand pushed vacancy rates lower in the first half of the year. In turn, multifamily owners capitalized on the scarcity of units and were able to raise rents at a breakneck pace.Despite such strong momentum, questions remained whether

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Puttshack, a high-end miniature golf company, leased 25,000 square feet at Scottsdale Quarter and will open in late 2022.The company is in the middle of a national expansion. The first location, in Atlanta, opened in 2021, and Puttshack is also planning locations in Chicago, Miami, Boston, Houston and Nashville.

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With little inventory, home-price growth in the U.S. hit a record high in June, rising 18.6% from the same period last year, according to the S&P CoreLogic Case-Shiller Index.June marked the highest annual rate of home price growth since the index debuted in 1987, beating out the 16.8% annual growth rate logged the month prior, in

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The Biden administration announced a series of moves aimed at creating, preserving, or selling 100,000 affordable homes for homeowners and renters in the next three years.The actions include relaunching the Federal Financing Bank (FFB) and restarting its support of the Federal Housing Administration

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September 2, 2021

Across the top 30 markets CommercialEdge surveyed for its newest report, asking rents for industrial space averaged $6.31 per square foot in July and Phoenix led the nation with 24 million square feet of industrial space under construction.The highest average rent increases were recorded in port markets, with Southern California in the

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As the pandemic progresses, the great exodus of renters from downtown apartments to the suburbs is transforming into more of a shift across the center of America’s cities.In some urban areas, residents who lived downtown before the pandemic are now opting to remain downtown, but they’re moving to a roomier place on a

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Arizona continues to be a leader in job creation as the economy recovers from the Covid-19 pandemic, topping the nation for small business growth for the second month in a row, according to data released Tuesday.The Grand Canyon State ranked first in the index for small business growth in August, edging out Texas and Georgia, which

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Hines, the international real estate firm, has completed the purchase of 1.8 acres of land in the City of Tempe for a new 14-story office building overlooking Tempe Town Lake. The property will be the future home of the proposed 250 Rio development, which will be a 216,000-square-foot Class AA office building and

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With little inventory, home-price growth in the U.S. hit a record high in June, rising 18.6% from the same period last year, according to the S&P CoreLogic Case-Shiller Index. June marked the highest annual rate of home price growth since the index debuted in 1987, beating out the 16.8% annual growth rate logged the

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September 1, 2021

In an article published by the Wall Street Journal less than two months ago, the WSJ said that the United States is millions of housing units behind current demand.In Arizona, this translates to a pre-pandemic need of 230,000 new units — roughly 50,600 in Scottsdale alone.When a spokesman for the Arizona Multi-family Housing Association presented this

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Across the top 30 markets CommercialEdge surveyed for its newest report, asking rents for industrial space averaged $6.31 per square foot in July and Phoenix led the nation with 24 million square feet of industrial space under construction.The highest average rent increases were recorded in port markets, with Southern California in the lead.

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Despite reports that the Phoenix metro’s housing market may be cooling, the Valley once again is leading the nation in home price growth.Phoenix saw the highest year-over-year home price growth in June, at 29.3%, according to the latest S&P CoreLogic Case-Shiller Indices. That’s the 25th consecutive month Phoenix has

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The recession was the shortest in history, but the recovery continues to bump along, according to Mark Zandi, chief economist for Moody’s Analytics. Zandi spoke with Executive Editor Therese Fitzgerald about the economic trends that will propel commercial real estate forward and those that are holding it back. Watch the video to

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August 31, 2021

Arizona’s economy has nearly recovered all of the jobs lost to the COVID-19 pandemic, significantly outpacing the national average.But that recovery is uneven: Some industries, like travel and tourism, remain far below where they were prior to the new coronavirus sweeping the country in early 2020. A variety of service industries are struggling to

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S&P Dow Jones Indices (S&P DJI) today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for June 2021 show that home prices continue to increase across the U.S. and Phoenix leads the way with a 29.3% year-over-year home price increase.More than 27 years of

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In an article published by the Wall Street Journal less than two months ago, the WSJ said that the United States is millions of housing units behind current demand.In Arizona, this translates to a pre-pandemic need of 230,000 new units — roughly 50,600 in Scottsdale alone.When a spokesman for the Arizona Multi-family

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Zanjero Falls, a three-story, grey shell building, originally developed to be medical/office condominiums has  sold for $10 million.  The vacant property was purchased by a local investor and will be converted into a market competitive multi-family community, further enhancing the Westgate Entertainment District in Glendale, AZ.Zanjero Falls was built

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U.S. home prices jumped by a record amount in June as homebuyers competed for a limited supply of available houses, the latest evidence that the housing market remains red-hot.The S&P CoreLogic Case-Shiller 20-city home price index soared 19.1% in June compared with a year earlier, the largest increase on

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PHOENIX — The Arizona unemployment rate continued to decrease last month as the state’s economy is not only recovering but growing coming out of the COVID-19 pandemic. The Arizona seasonally adjusted unemployment rate fell to 6.6% in July from 6.8% in June, and down from

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August 30, 2021

Kroll Bond Rating Agency (KBRA) said the CMBS delinquency rate slipped 30 basis points to 4.6% from a month earlier. This is the 14th consecutive month where the rate has declined or was flat from the previous month since peaking in June 2020 at 8.2%, said KBRA. Lodging and retail

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Between 2019 and 2020, nearly 29 million Americans moved to new residences within the U.S, nearly 40% of which moved to different counties or states. Rising costs of living in some cities are driving residents to more affordable locales. According to the U.S. Census Bureau, while the

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LaPour Partners has sold its 199-room, 13-floor AC Hotel at Arizona Center in downtown Phoenix to Arbor Lodging Properties, a Chicago-based hotel investment and management firm.The hotel opened in February of this year as a joint venture with Dallas-based NewCrest Image and

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