August 30, 2021

The dramatic increase in work from home has opened the possibility for many renters to move away from cramped and overpriced apartments to spacious and, oftentimes, more affordable single-family rental homes in suburban and rural areas. This growth has not gone unnoticed by

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Today national design-build firm Clayco, along with representatives from Hubbard Street Group, Shepley Bulfinch, local politicians and community groups celebrated the groundbreaking of a new 26-story residential tower, Skye on 6th, in downtown Phoenix’s Roosevelt Row

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A proposed industrial project in Mesa would cover more than 100 acres and cost up to $150 million, if the project is approved by Mesa City Council.The AirPark 202 project would consist of six buildings, totaling 1.5 million square feet of new “high-quality” industrial

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A Chicago real estate developer is planning a 1 million-square-foot industrial park along Loop 303 in Surprise, Arizona, one of Phoenix’s outermost suburbs.Baker Development Corp. paid $20 million for 81 acres on the northeast corner of Cactus Road and Loop 303,

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All four major property types posted larger prices gains nationally in July compared to June, Real Capital Analytics said Thursday. The analytics firm’s CPPI grew 11.8% over the past year and 1.2% over the previous month.  Retail and office sector pricing posted significant annual price jumps,

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What a difference a year makes. Commercial mortgage loan originations were 106 percent higher in the second quarter of 2021 compared to a year ago and increased 66 percent from the first quarter of 2021, according to the second-quarter2021 release of the

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August 26, 2021

The Grid seems more like “the gridlock.”Tribune readers asked about the sudden work stoppage on a much-ballyhooed downtown project called The Grid.Indeed, while bulldozers are moving dirt at other construction sites up and down Main Street, there appears to be nothing going on behind the fenced-off areas next to

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In the face of another legal challenge by landlords of the latest CDC eviction moratorium extension at the behest of the Biden administration, the White House has filed a brief asking the Supreme Court to support the ban. According to some legal experts, it’s unclear that the new spin on the

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(Bloomberg)—Sales of previously owned U.S. homes rose in July for a second month, indicating firmer housing demand as inventory constraints showed signs of easing.Contract closings increased 2% from the prior month to an annualized 5.99 million, a four-month high, according to figures from the

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The multifamily sector is reaching record levels of rent growth across the country. Asking rents were up 6.3 percent year-over-year through June and registered a $62—or 4.4 percent—increase in the second quarter of the year, according to Yardi Matrix data. In June alone, national rents expanded by a whopping $23, ballooning to an

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Student housing developers and operators are bullish on rental demand for the 2021–22 school year as well as for the years to come.“I’ve never been as optimistic about this space as I have been now,” says Wes Rogers, founder and CEO of Landmark Properties, which operates 79 student housing properties totaling a

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August 25, 2021

The emerging Delta variant of COVID-19 and a low vaccination rate have halted September return-to-work plans, prompting companies including Wells Fargo, Google or Amazon to postpone their moves and once again revisit their work strategies. Despite ongoing turbulences, office transaction activity holds strong, with

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A rise in household formation and the prohibitively high cost of homeownership in many US metros has pushed apartment rents up 11% in the first half of the year, according to a new report from Apartment List. The increase is more than double the rate of inflation and triples the rent growth the firm measured in the

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Glendale could annex nearly 180 acres of land on two sites for proposed light industrial facilities on the northwest side of Luke Air Force Base. If annexed and rezoned, developers plan to build a 1.6 million-square-foot industrial facility with five buildings and a 1.1-million-square-foot industrial facility on the

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George Oliver has sold CASA, a class-A office property in Phoenix to Macquarie Asset Management for $56 million or $312 million per square foot. The sales price is a record for the local submarket.George Oliver received strong interest in the property from a wide range of investment capital, including high

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The July 2021 employment report from the Arizona Office of Economic Opportunity revealed the state’s private sector added more than 16,000 new jobs in July, which is “the only time in the last ten years that Arizona has added jobs in the month of July,” said Patrick Ptak, the senior vice president of

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The United States is well on a path of recovery from the COVID-19 pandemic shutdown that began in March 2020. More than 60 percent of the U.S. population has now received at least one dose of the vaccine, and more than half are fully vaccinated. Those figures increase significantly by age, particularly for the

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The latest NAIOP Industrial Demand Forecast notes that nearly 100 million square feet of new industrial space has been completed so far this year, and it’s still not enough to meet the demand.According to the report, 450 million square feet is under construction and another 450 million square feet is

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Apartment construction remains strong this year: More than 330,000 new rental units are expected to be delivered nationwide, which is comparable to the previous four years of construction boom. And, despite challenges brought forth by the pandemic, eight metros are expected to hit five-year highs of

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Boosted by increased store traffic, Target Corp. generated strong net and comparable sales growth in its fiscal 2021 second quarter, atop big pandemic-fueled gains a year earlier.Net sales for the quarter ended July 31 came in at $24.83 billion, up 9.4% from $22.7 billion a year ago, Minneapolis-based Target said

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ScanlanKemperBard has acquired Chandler Business Center, a 106,892-square-foot flex/industrial park in Chandler, Ariz. Fullerton Properties previously owned the property, according to Commercial Edge data. The asset last changed hands in 2019, when the current seller bought it for $13.2 million from

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August 23, 2021

he pandemic has upended commercial real estate markets and created widespread uncertainty about when employees will return to the office. And yet, commercial real estate executives have never been more bullish about current market conditions since the Real Estate Roundtable began gauging

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A strong and widespread recovery of rents has pushed prices beyond where they would have been had the coronavirus pandemic never occurred, according to Zillow’s latest market report. The report shows Phoenix leads the nation in annual rent growth at 23.1%, and is No. 2 in home value growth with 29.8%, behind only

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Phoenix’s office vacancy slightly improved in July, according to CommercialEdge data. The average rate dropped to 17.7 percent, a 30-basis-point decrease when compared to June and a 70-basis-point drop year-over-year. However, the value continued to remain higher than the national rate of

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Phoenix-based RVG Partners — with former Phoenix Suns player Joel Kramer serving as managing partner — is planning a 930-acre master-planned community that will feature a 65-acre regional medical center campus.Total development costs of the project are expected to be more than $200 million, said

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