A new report by CBRE Group Inc. (NYSE: CBRE) found the Phoenix metro to be home to 25 properties — equating to about 2.1% of the office building inventory — that are considered “prime.'”The definition of a prime building is made up of factors including being located in a desirable area, built with high-quality construction
Industrial prices are nearing those of prices in the office market, driven by an industrial boom that began with COVID-19 and a market that has remained strong despite normalizing demand and muted transaction volume due to elevated interest rates. The average industrial sale price across the country
Despite a national trend of declining occupancy and rents in workforce housing, three major U.S. multifamily markets, Chicago, Miami and San Francisco, demonstrate that an overall multifamily supply and demand balance coupled with a wide difference in monthly rent between one- and two-star and four- and five-star
More than half of Arizona Homes considered “equity rich,” meaning the owner holds at least 50% equity, according to real estate data firm Attom. Why it matters: Home equity is an important tool many Americans use to build wealth and finance big expenses, from business startups to their next home
Federal Reserve Chair Jerome Powell said Tuesday that inflation seems to be returning to the downward path that was seen late last year but that it was too soon for the central bank to make a move on interest rates. “Inflation, after pausing in the first quarter, shows signs of resuming its disinflation trend,” Powell said
Construction spending in May declined by 0.1% from April, the Census Bureau said Monday. The unexpected decline occurred after April’s tally was upwardly revised to show a 0.3% monthly increase. Economists polled by Reuters had forecast that construction spending would rebound 0.2% in May after a previously reported
Medtail has seen problems of late. Walmart, Rite Aid, and Walgreens have all scaled back their efforts, which never took firm root, providing a return. Now Walgreens is showing increased turbulence. In the company’s most recent earnings call, Walgreens Chief Executive Officer Tim Wentworth had some grim
Walgreens is finalizing a plan to fix its U.S. business that could result in closing hundreds of additional stores over the next three years. CEO Tim Wentworth told analysts Thursday morning that “changes are imminent” for about 25% of the company’s stores, which he said were underperforming. The drugstore chain
Over the past five years, average rents have hit record highs in almost every major U.S. metro area. Data from SpareRoom, the leading roommate matching site, suggests that in 10 years, most major U.S. metro areas could become unaffordable for the average renter if rents continue to rise at the same
Several Arizona cities of various sizes lead the nation in economic growth, according to a study by Coworking Cafe.Mesa and Phoenix led Coworking Cafe’s Top Cities for Economic Growth report released July 2, ranking No. 1 and No. 3 among the top large cities. Mesa’s population growth and median earning
Homebuilding across metro Phoenix has jumped from last year’s tepid pace, despite higher interest rates. Permits to build new houses are up almost 57% through May, compared to the same five months in 2023, according to housing research firm RL Brown Reports. Despite higher demand, new house
A select few office buildings in Phoenix are a cut above the competition. A new report by CBRE Group Inc. (NYSE: CBRE) found the Phoenix metro to be home to 25 properties — equating to about 2.1% of the office building inventory — that are considered “prime.'”The definition of a prime
As the winds of change sweep through commercial real estate, office pricing has been heading sharply lower. The pricing descent appears poised to continue until we near the expected peak of office vacancy rates, possibly in late 2025 or early 2026. In sales negotiations involving other property sectors, the dialogue
The Fed’s annual stress test of the US banking system found that the largest US banks have enough capital to withstand severe economic and market turmoil – including any potential shock that a significant drop in commercial real estate values could deliver. Namely, the institutions survived a hypothetical
In an economic landscape that is constantly changing, a city’s prosperity is not only brought by a robust job market, but also by investments in infrastructure, local entrepreneurship, innovation, and community. Therefore, we took into consideration metrics such as population growth, GDP, employment rates
Komatsu, a Japanese manufacturer of construction, mining, forestry and heavy industrial equipment, confirmed that it expects to roughly triple its real estate footprint in Mesa. The company said June 28 that it will undergo a multimillion-dollar “strategic investment” into southeast Mesa, where it will build a
U.S. commercial property prices bounced back in May after a sustained decline, potentially signaling the start of a bottoming market that property professionals have said they are looking for in the next year. The uptick in property sale prices would have to overcome an increase in vacancy rates to achieve such a leveling of price declines
“How people gather has changed, so [convention centers] are thinking about the next generation of conferences and the next generation of retailing,” said Sheba Ross, principal in HKS’s Cities & Communities practice. As markets compete for still-rebounding convention business, they cannot win just
Peoria, Ariz. — Vestar is underway on the development of The Shops at Lake Pleasant, a 90,000-square-foot retail center located in Peoria, roughly 15 miles outside Phoenix. The center, which is situated adjacent to Lake Pleasant Towne Center — another Vestar development — is scheduled to be fully open
The outlook among commercial real estate industry players remains mixed as 2024 officially hits its midway point. A second-quarter survey of industry representatives by Altus Group found slightly more respondents were concerned about the possibility of a recession compared to the prior quarter, but a greater share felt better
The West Valley is the hottest spot for homebuilding in metro Phoenix, and the huge expansions of the Taiwan Semiconductor Manufacturing Co. and Amkor Technology will spur thousands more new homes in the already growing area. The two big firms are expected to add at least 8,000 jobs in the
A new residential housing community could be on the way to Goodyear, pending the city’s approval in a future City Council meeting. The project, dubbed Willow at El Cidro Ranch, was initially expected to be considered by Goodyear City Council at its June 12 meeting, before being pulled from the agenda. If ultimately approved, the project would rezone a portion of
The U.S. retail market is navigating a complex landscape influenced by factors affecting both demand for retail space and new construction. On the demand side, competition from online retailers has reduced the need for physical spaces for apparel, footwear and certain home and hobby goods. This shift has been balanced by increased demand from tenants in such
After more than a decade of minimal shopping center development and still riding the tailwinds of the post-pandemic rise in sales, retail tenants are finding themselves in the unfamiliar position of competing for available space. That is, when they can find it. The amount of available shopping center space has declined steadily over the past decade and is now hovering at historic lows.
Leading banks and lenders could withstand a recession that includes heavy losses on commercial and industrial loans as well as overall CRE values, according to results from an annual stress test conducted by the Federal Reserve. The Fed announced Wednesday that most of the nation’s largest