For decades, the East Valley has been dominant over the West Valley in spec office building, but experts say they are seeing that changing, and Loop 101 will be the key to its growth. According to a report from JLL, a property consultancy company, the southeast Valley market had 11.7 million square feet of Class A inventory with a vacancy rate
Strong demand for workforce housing should continue in 2019, boosting investment in the sector, according to industry experts. As the unemployment rate keeps falling, new households form, boosting demand for apartments, particularly for workforce housing, as it offers inexpensive housing options, according to John Sebree, director of
The East Valley has always been popular with large, national corporations looking for office space. Scottsdale and Northeast Phoenix hold the most cachet, but in recent years, more major corporations have chosen to locate in Tempe and Chandler. Overall, the East Valley has bounced back from the Great Recession, with speculative
Who would have thought just a few years ago that shoppers could walk into a DSW store and not only buy a new pair of sandals or heels, but also get pedicure or manicure? Or that consumers could drop in at their local CVS drugstore for a weekly yoga class? But big, national retailers are piggy-backing on the red-hot health and wellness sector to
Retail sale-leasebacks are rising in popularity this year. Retailers are looking to unlock capital tied in real estate assets, and are using the structure as a way to optimize their portfolio. However, there are some challenges to watch out for when executing a sale-leaseback strategy, for both brokers and retailers. To start, brokers need to
Investments in real assets, whether on the equity side or the debt side, offer seemingly endless options for fixed income. If you can build it or finance it, you can invest in it. One easy-to-understand way to attain real estate participation for clients is through real estate investment trusts, which allow individual investors to buy shares in
A planned 325,000-square-foot industrial complex in Goodyear will be the first opportunity zone investment for New York-based real estate investment firm EquityMultiple, which is working to raise $7 million to invest in the project. “We looked at easily 100-plus transactions in opportunity zones, and this struck us as the first deal that came
A homebuilder has paid a record price for approximately 120 acres in northeast Phoenix. Only one home was on the nearly vacant swath of desert. D.R. Horton bought the land, at Bell Road and Tatum Boulevard, for about $80 million, according to public real estate records. The deal breaks down to more than $670,000 an acre, the
The development of Grande Vita, a 300 million dollar medical and residential campus, will be breaking ground on May 21st in Mesa with Brycon Construction joining the project as the lead construction company. Their expertise in complex construction makes them the perfect fit for Grande Vita, a project that combines hospitality, recreation,
Developers are building data centers in areas designated as economically distressed under the federal Opportunity Zone program, earning tax breaks to boost their returns as the need for more digital processing power surges across the United States. But the shift in where data centers, massive sites with relatively few workers, are getting
Internet furniture retailer Wayfair is the latest company to go from clicks to bricks. Wayfair on Tuesday announced it will be opening its first full-service store at the Natick Mall in Natick, Massachusetts, which is managed by Brookfield Properties, in early fall of this year. That’s after it tested a few pop-up shops, including one at
Tech-related employment in Arizona increased by more than 5,100 new jobs in 2018 and the tech sector raised its contribution to the state’s economy, according to Cyberstates 2019, the definitive guide to national, state and metropolitan area tech sector and tech workforce analytics published annually by CompTIA, the leading
Arizona Center, Phoenix’s original downtown entertainment destination located at 3rd Street and Van Buren, recently completed construction on its $25 million makeover, which includes new creative office space, outdoor work stations, shopping, entertainment and casual dining. Complementing the new modern aesthetics is a new
The 30+ day CMBS delinquency rate fell below 3.00 percent in February, as market observers previously predicted. Research firm Trepp reports that the delinquency rate for all property types fell 15 basis points month-over-month to 2.87 percent. The figure was 164 percent lower than the 30+ day CMBS delinquency rate recorded in=
WeWork, the New York City-based coworking giant, will take up four floors in the 101 North building on First Avenue and Adams Street. It’s the company’s third location announced in the Valley. WeWork will take up the eighth, 28th, 29th and 31st floors in the downtown high-rise. The space is planned to accommodate roughly
Private equity real estate investors remain reluctant to jump into Opportunity Zone plays, according to the latest research from London-based firm Preqin, which attributed the attitude to uncertainty surrounding program regulations and the inherent risk of investing in low-income and distressed neighborhoods. Based on a survey conducted
Coming off a bit of a sales lull during the fourth quarter of 2018, Valley homebuilders are confident about home sales this spring. Officials with Tempe-based Fulton Homes and Scottsdale-based Maracay Homes say they’re gearing up for a strong market during the next few months. With 5,000 lots under development, Fulton Homes expects
Dozens of Opportunity Zone funds are racing to capture a wave of private equity dollars seeking value-add investments that come with the added perk of a hefty break on capital gains taxes. The frenzy is creating a bit of a Wild West mentality that has some raising concerns about the potential dark side to Opportunity Zones. Many
Arizona ranked fifth in the United States for personal income growth in 2018, according to a report released today by the U.S. Bureau of Economic Analysis. Personal income grew 5.5 percent in Arizona, beating out the national average of 4.5 percent. Earnings were the leading contributor to personal income growth in 2018. Arizona’s
One of the most anticipated projects the Valley has seen in decades is coming together on Salt River Pima-Maricopa Indian Community land in Scottsdale. The state’s first indoor water park, located next to Salt River Fields at Talking Stick, is in the stretch run of construction, with sights set on a late summer/early fall completion. The designers
Investors continue to be willing to pay up for student housing assets. “Capitalization rates have continued to compress,” says Jaclyn Fitts, director of student housing for CBRE Capital Markets in the firm’s Dallas offices. Investors spent a record amount of money to buy student housing properties in 2018, pausing only briefly towards the
Financial headlines have been full of worries about a possible recession and a downturn in commercial real estate markets. Recessions often precipitate a decline in real estate markets, but long periods of increasing construction and rising property prices may pose risks of their own. Stock prices fell sharply in December in a bout of
A Seattle area investor just paid one of the highest prices for an apartment property in the history of downtown Phoenix as the neighborhood rapidly emerges as one of the nation’s newest walkable arts and residential districts. An affiliate of Kirkland, Washington-based investor Weidner Investment Services Inc. paid $84.2 million
The Scottsdale Airpark is on fire—and it is rapidly exceeding the industries expectations. According to the latest forecast report from Colliers International, the Airpark has 59,132 employees, more than 43 million square feet of rentable space and 3,233 companies—and it still has runway left to grow. This is incredible growth since the
The throngs of fans who attend spring training baseball games in the Valley generate hundred of millions of dollars in economic impact but may also be influencing future development of “entertainment corridors” in areas around some Cactus League fields.