The Phoenix industrial market has surged during the pandemic, according to a new report from Colliers International. In the third quarter, industrial absorption was 2.5 million square feet in Phoenix. The activity is driven by increased ecommerce spending, which has fueled national growth in the sector. This is the sixth
The U.S. retail sector has taken a beating due to lockdowns and social distancing and the continued acceleration of e-commerce sales during the COVID-19 pandemic. Much of the retail sector was already grappling pre-COVID-19, and investment sales have dropped significantly. In spite of overall
The owner of a 66-acre site west of Loop 101 in Glendale primed for commercial uses is now seeking to sell the majority of the property for development. Shelby Duplessis, president of land development for Scottsdale-based Empire Group, said the site, called Desert River 2, which recently completed
Hines is set to begin construction on a 325-unit luxury multifamily project in north Phoenix, after closing on development financing with Alliance Bank of Arizona. The Houston-based real estate developer is partnering with insurer MetLife as equity investors on the project to be built on 11 acres at the northwest
There were a lot of factors working against economic development in the past year, but Arizona’s economic development community and the Arizona Association for Economic Development (AAED) found ways to not just survive, but thrive in the face of a global crisis. The state saw new economic growth
The Greater Phoenix Medical Office market has remained healthy during third quarter, despite an increase in sublease availability. During the past three months, the market posted positive net absorption and a slight increase in rental rates, as well as maintaining vacancy below 15 percent
Upticks in prices of industrial and multifamily assets and some alternative property types this fall resulted in increases in overall Commercial Property Price Indexes of the three major market trackers. Real estate data firm Real Capital Analytics (RCA) reported that its U.S. National All-Property Index rose by 0.2 percent
While the world will likely be dealing with the coronavirus for a while, hotel industry CEOs believe the health crisis will become more manageable and travel will start to return sometime in 2021. During the “CEOs check in: The new norm/an industry update” panel held as part of a webinar series
As people avoided in-restaurant dining during COVID-19 and stayed at home, grocery stores have been the beneficiaries. Once things return to normal, this momentum could be lost unless they retool for the strategic challenges ahead, according to a report from Bain & Co. In fact, the sector could
The inventive team behind Arizona’s ever-popular Cold Beers & Cheeseburgers, Neighborhood Burger Joint, announces the opening of Cold Beers & Pizza, Local Pizza Joint, coming to Old Town Scottsdale this December. The 3,300 square foot spot at 4222 N Scottsdale Rd., Scottsdale, AZ 85251
This weekend, four days after the presidential election was held, several media outlets called the state of Pennsylvania for former Vice President Joe Biden. He had won its electoral votes and along with them, the presidency. President Donald Trump has not conceded and has promised
Marijuana businesses are spending millions to expand their operations and buy new medical licenses in Arizona, as the passage of Proposition 207 by voters on Election Day will allow sales of recreational marijuana to adults in about four months. The businesses are expected to hire thousands
Dr. Steve Rogers of Falls Church, Va. is four years into his first fractional real estate investment, and he couldn’t be happier. The former veterinarian sold his business and the building it was housed in when he retired. Rather than paying a steep tax bill on the capital gain, he opted to roll his $1 million
While brick-and-mortar retail was one of the industries hit the hardest during the Covid-19 pandemic, the owner of several shopping malls in the Phoenix area expressed optimism when looking ahead to the holiday shopping season and next year due to pent-up customer demand
Northpointe at Vistancia, located within the 7,100-acre Vistancia master plan in north Peoria, has broken ground on a 10-acre amenity site that includes a 5,300-square-foot recreation center called The Sovita Club, centrally located in the first phase of Vistancia’s finale community
Given current market conditions, some apartment investors are looking for a little something extra when they consider buying apartments. They have recently been able to close deals to buy apartment properties, despite the chaos caused the spread of the novel coronavirus. But to make
On October 29, the new We-Ko-Pa Casino Resort opened its doors, unveiling a contemporary ambiance and visitor-centric experience that raise the bar for Valley casinos. In addition to offering a full complement of slot machines, tables, bingo and gaming amenities, the elegant new casino
Momentum continues on the future Hyatt Place Phoenix Downtown hotel as developers, Mortenson and Pacific Hospitality Group, took a substantial step in the construction process for the hotel, and recently celebrated the topping out of the building. The 238-room, eight-story hotel broke
Arizona State University sports fans can get ready to cheer. According to multiple reports, an Arizona Board of Regents committee gave final approval of a plan to build a new 5,000-seat ASU sports arena that will be home to the ASU hockey team as well as other sports. Greg Cameron at CollegeHockeyNews.com
Multifamily construction starts in the U.S. dropped 16.3 percent in September, following a 25.9 plunge in August, as apartment developers continued to shift their focus away from urban high-rises and demand for single-family homeownership remained elevated, according to a new report by Marcus & Millichap
Phoenix industrial market activity continued on record-setting throughout the third quarter, according to a report from CBRE. In Q3 2020, sixteen buildings delivered totaling 3,160,450 square feet. Year-to-date construction completions totaled 8,561,225 square feet
Paradise @ P83, a new luxury apartment community developed by The Opus Group (Opus) along with joint venture partner Principal Real Estate Investors, recently opened in the center of the P83 Entertainment District located in Peoria. Managed
A tower that could soon be Arizona’s tallest building received final approval Wednesday from Phoenix City Council. Council approved an amendment that will allow Aspirant Development, a division of Scottsdale-based Empire Group, to build a mixed-use project, called
Hines, the international real estate firm, announced today that it has closed financing with Alliance Bank of Arizona and is set to begin construction on a significant new luxury multifamily project in north Phoenix. The new Hines multifamily property will feature a 325-unit
Arizona became one of four states to legalize cannabis for all adults, after voters passed a ballot initiative that would make marijuana legal for everyone over the age of 21. The measure has the support of almost 60% of Arizona voters, according to preliminary results from Decision