According to data released today by the U.S. Bureau of Economic Analysis, Arizona’s real gross domestic product (GDP) increased by four percent in 2018, the fourth fastest growth rate in the nation. Arizona’s GDP growth outpaced that of 46 other states including California (3.5%), Florida (3.5%), and Texas (3.2%). Sectors including manufacturing, real estate and rental leasing, and construction contributed the
Microsoft has bought a third chunk of land in metro Phoenix, continuing to leave its footprint in Arizona.The company confirmed to KTAR News 92.3 FM that it intends to “develop world-class datacenter [sic] facilities” on the El Mirage land.More than 150 acres of land was purchased for $20 million.The statement said the purchase was part of plans to “support the growing demand for cloud
The Phoenix-Mesa-Scottsdale metro area added the most construction jobs of any metro area in the nation during the past twelve months, according to an analysis released by the Associated General Contractors of America today. As local construction firms expand their payrolls, the national association and its local chapters are taking steps to prepare the next generation of construction workers amid
“This community is special,” said Tim Brislin, Vice President of Harvard Investments. “From our early planning stages to the final execution, we intended Cadence to be the finest master-planned community in the East Valley. It is gratifying to see the positive response just months after we opened from a variety of individuals and families eager to become part of Cadence. We love seeing new neighbors move in
U.S. commercial property sales prices in recent months reflect smaller gains than in previous years, especially for high-value real estate in key markets.CoStar Commercial Repeat Sale Index data show that while prices across regions and property types rose in the first quarter, they did so by a smaller amount than in the previous year. Multifamily and industrial led growth among property types. A maturing real estate
The Federal Reserve held interest rates steady on Wednesday for the third time this year, ignoring calls from President Donald Trump to slash rates by as much as one full percentage point in order to further boost the economy. “We have the potential to go up like a rocket if we did some lowering of rates, like one point,” tweeted Trump on Tuesday
What is the economic outlook for the year, and what does that mean for the student housing industry? Hessam Nadji, president and CEO of Marcus & Millichap/Institutional Property Advisors, answered just that in the keynote speech that kicked off the 2019 InterFace Student Housing Conference, which was held in Austin earlier this month and drew approximately 1,400 attendees
Annual growth in U.S. property prices slowed in March to the most modest rate since 2011, according to research firm Real Capital Analytics (RCA). But industry experts say commercial real estate pricing—and transaction volumes—could gain steam, or at least hold steady, as the year progresses.Last year investors were spooked by some big worries
Westside Pavilion, a dying mall in Los Angeles, ticked all of the boxes for Hudson Pacific Properties.The Los Angeles-based developer was looking for an urban site with big floor plates and exceptionally high ceilings to redevelop into what it called “state-of-the-art creative office space” for future tenants. The company also wanted a central location near mass transit and major highways, in one of the handful of West Coast cities
Nationwide, multifamily rents rose by $4 in March to $1,430, with year-over-year growth down 20 basis points to 3.2 percent, according to Yardi Matrix. Rent growth was led by secondary and tertiary markets, as a result of their higher-than-average employment and strong demographic trends. Only three of the largest 30 metros in the U.S.— Las Vegas and Phoenix—made it to our top five
Great homes. Great companies. Plenty of tasty restaurants and luxurious resorts. Add in the affordable cost of living, vast employment opportunities and rapidly growing infrastructure, all of which make the Phoenix-Metro area a thriving hub for living, working and entertaining – and add to its appeal as a place to put down roots. Phoenix is more than the Grand Canyon state. With abundant companies
Joanna Sagar is a 33-year-old college graduate who had to find a roommate because she couldn’t afford to rent near her Phoenix job.Dan Chellberg, 33, tripled his commute time from 15 minutes to 45 minutes as the trade-off to buy a new home. They’re two of the many residents feeling the squeeze as metro Phoenix is in danger of losing its title as the most affordable big city in the West to
President Trump upped the ante Tuesday in his campaign to browbeat the Federal Reserve into keeping interest rates low, calling for a 1 percentage point rate cut and a revival of its bond-buying stimulus. In a series of tweets published Tuesday, Trump said the lower rates along with “quantitative easing” would bolster the economy. “We have the potential to go up like a rocket if we did some lowering of rates,
Pending home sales advanced 3.8% in March as lower mortgage rates brought more buyers into the market, according to the latest report from the National Association of Realtors.The Pending Home Sales Index, a forward-looking indicator based on contract signings, grew to 105.8 in March, rising from February’s 101.9.However, year-over-year contract signings declined 1.2%, marking the
The best news we received last week was that real GDP outperformed expectations, growing 3.2% at an annualized rate despite the headwinds of a government shutdown and the waning impacts of tax cuts. New home sales increased last month while existing home sales declined (though prices increased). Mortgage rates are also up. Consumer sentiment declined slightly but is still on par with
While the big takeaway from Amazon’s first-quarter earnings report on Thursday was the announcement of free one-day shipping for Prime members, there was plenty of other news in the report and subsequent earnings call of interest to grocery retailers.The company notched a record $3.6 billion in profit on almost $60 billion in sales during the first quarter of 2019, compared to a $1.6 billion profit on
Miles of empty desert land in north Phoenix near Desert Ridge Marketplace could be Phoenix’s next hotspot for development, panelists at a Friday forum hosted by Valley Partnership said.In January, 5,700 acres of state land near the mall came back into play after U.S. Bankruptcy Court issued a ruling granting Crown Realty & Development master developer status for the area. The land had been controlled by
Looking to call the Valley of the Sun home? Or, maybe you already live in Phoenix and you’re just looking to avoid costly rent increases when you move next.Regardless, rent.com has done some research to determine the neighborhoods in Phoenix where monthly rental prices are increasing the most. Dividing midtown Phoenix, the Central Avenue Corridor is one of the most popular neighborhoods and is
Like all things Phoenix these days, the industrial market is on fire. Ecommerce is driving leasing activity and helping to drive vacancy rates to record lows of 7.2% and rental rates to record highs of $0.59, according to the latest report from Kidder Matthews. Last year was a particularly strong year for industrial activity in Phoenix with 7.5 million square feet in net absorption, and while reports forecast strong activity in
Understanding current retail investment trends and creating a cogent strategy based on those trends calls for sorting out a variety of complex, even contradictory forces. With a steady stream of store closings from familiar brands such as Sears, Victoria’s Secret, Kmart, Payless Shoesource and JC Penny, the retail real estate investment outlook for the next few years admittedly appears to be sobering. Meanwhile,
A joint venture between Conor Commercial Real Estate and Globe Corp. has assembled three parcels in the Airport submarket for a new speculative industrial build. While the land site would have made an attractive development prospect regardless, the Airport submarket is an opportunity zone, which made the project particularly attractive to the developers.“This is in an opportunity zone in Phoenix, which we
Sometimes it takes a different strategy to convince homeowners that your project will be a good fit in their neighborhood.On March 26, D.R. Horton Inc. paid $80 million for 122 acres from the Marley family, according to Vizzda real estate database. Plans call for building 706 homes ranging between 1,800 and 3,500 square feet on the property.In the Arlington, Texas-based homebuilder’s case, it took an entire year prior to
On behalf of SunCap Property Group, Graycor Construction Company has started construction on a new, 135,745-square-foot flex industrial building at the Gilbert Spectrum industrial project. The building kicks off development in the southern portion of the 63-acre project, which is situated at the southwest corner of Elliot and McQueen roads in Gilbert, Arizona. The building, known as Building One, is one of
Walmart Inc. could easily match Amazon.com Inc.’s one-day delivery gambit, according to an analyst who previously worked at the world’s largest retailer.“One day shipping is neither shocking nor difficult for retailers at scale,” Brandon Fletcher, an analyst at Sanford Bernstein, said in a note Friday.Fletcher, who previously worked in Walmart’s strategy and operations departments, said the retailer’s existing network of
A new round of opportunity zone regulations, already a boon to property buyers seeking tax breaks, could be profitable as well for owners and tenants leasing properties in low-income areas.Before the Internal Revenue Service issued the new rules last week, the tax benefits available for investing in the federal opportunity zone areas deemed economically distressed was widely thought to fall mostly to