Arizona’s economic recovery from the pandemic gained significant momentum in the second quarter. Job gains surged, housing permit activity remained very strong, and taxable sales remained on track for significant gains. The housing market grew even hotter in the second quarter, with low inventories, high construction materials prices, and
The intersection of Mill Avenue and Rio Salado Parkway is a gateway to Tempe, and the city is hoping to spark some new development on the final corner that has not yet seen activity.The city released a request for proposals for an adaptive reuse project of the Hayden Flour Mill, from which Mill Avenue derives its name, seeking a developer to
(Bloomberg)—U.S. household net worth surged to a fresh record in the second quarter as Americans enjoyed an ebullient stock market and the largest-ever increase in the value of their real estate holdings.Household net worth increased by $5.8 trillion, or 4.3%, to $141.7 trillion in the second quarter, a Federal Reserve report out
A rezoning request that would allow for the development of a 22-acre mixed-use project on the northwest corner of Avondale Boulevard and McDowell Road in Avondale was unanimously approved by the City Council on Monday.Called Avondale Commons, the master-planned development will include a mixture of apartments with
Before the pandemic, people and economic growth were concentrated in global gateway cities. It was putting a strain on resources and creating crisis-level housing affordability challenges.“We had all of the economic growth and population congregating in global gateway cities, and the cost of housing was so high. That was the
The Federal Reserve is saying that it will start to taper off its purchases of $120 billion of bonds per month. Also, Fed officials were split 50-50 on an interest rate hike in 2022 according to Oxford Economics, calling the meeting “slightly more hawkish.”But what does that mean for commercial real estate? One of those good and bad news scenarios.
San Antonio-based Embrey Partners LLC is set to build a $100 million apartment community in midtown Phoenix.Plans call for breaking ground within the next 30 days on a 4.5-acre parcel for Seven Oaks just east of Monterey Park’s softball fields, operated by the Phoenix Parks and Recreational Department, at
The U.S. Census Bureau released franchise statistics from the 2017 Economic Census on August 26. Nearly 300 different types of business are franchises, though the only data available at the state level are for full- and limited-service restaurants. Comparing Arizona to the U.S., 41.6 percent of restaurants (combined total of full- and limited-service) in
A Seattle-based real estate firm paid the highest total price for an industrial building in Arizona history in a year that has seen investors, many from out of state, bid up prices of logistics property in the Phoenix area.Real estate investment management adviser BentallGreenOak bought the just-opened first phase of Park303 in Glendale, Arizona, from
After two years of really exceptional economic growth, the U.S. GDP will likely level off to where it was before the Covid-19 pandemic, economist Andrew Busch said at the SRP and Phoenix Business Journal’s 2022 Economic Forecast event.Busch said he expects the U.S. economy’s growth to level off as government stimulus slows and is
Single-family rentals continue to be one of the highest performing housing sectors for rent growth, according to the CoreLogic Single-Family Rent Index (SFRI). Single-family year-over-year rent growth reached a 16.5-year high in July 2021 as the increase in US single-family rents were up 8.5%, or nearly five times the July 2020, according to
Historically, when the conversation centers around summer blockbusters, it’s in reference to hit movies. But this season, the stars of the show have been the blockbuster commercial real estate deals that created more heat than the Phoenix summer. According to the commercial real estate tracking website Vizzda, there were at least
The emergence of the COVID-19 virus in Arizona 18 months ago dramatically transformed almost every aspect of life and work. Retail and restaurants closed their doors, some permanently, and offices emptied as staffers pivoted to at-home employment. One thing the pandemic couldn’t stop, however, was Arizona’s commercial
Renter demand for single-family housing has soared during the pandemic, but the profile of a renter in this segment looks a lot different than renters in the apartment market, according to Dori Nolan, SVP of national client services at Berkadia.To start, single-family renters have a high education than renters in the apartment space.
Sam Fox could have easily slowed down after selling his well-known Valley company, Fox Restaurant Concepts, to The Cheesecake Factory in 2019 for more than $350 million. But he says he’s working harder than ever.Fox has stayed in the top job at FRC, which is still based in Phoenix, and he continues to work with Cheesecake Factory on
After breaking ground September 2020, Legacy Sports USA and Oak View Group are moving closer to opening its more than $280 million multipurpose sports and entertainment complex in southeast Mesa.The two companies announced on Tuesday a 10-year naming rights deal with Bell Bank, one of the biggest family- and employee-owned banks in the
The Arizona Coyotes released renderings Monday of a recently proposed land development that would include a new arena in Tempe.Keeping with the adage, “You miss 100% of the shots you never take,” the Coyotes are hoping for a hat trick with a $1.7 billion development that would include a new arena, retail space and
A Los Angeles investor has purchased an apartment property in Tempe, Arizona, where an influx of returning college students and expanding tech and finance firms has created one of Phoenix’s hottest apartment markets.L.A.-based SAM Residential Group, also known as Shelter Asset Management, paid $46 million, or
Construction is ready to begin on the much-debated new Omni Hotels & Resorts hotel being built in Tempe on the campus of Arizona State University.Omni Hotels, along with ASU and the city of Tempe, held a groundbreaking ceremony for the project on Sept. 17. Owners also unveiled renderings of the upcoming hotel for the first time. The
ATTOM, curator of the nation’s premier property database, today released its second-quarter 2021 U.S. Home Flipping Report showing that 79,733 single-family homes and condominiums in the United States were flipped in the second quarter. Those transactions represented 4.9 percent of all home sales in the second quarter of
Commercial real estate brokers around the Valley expect to see additional office space on the sublease market as employees opt to work from home. That will be countered to a degree, many say, by firms looking for space as they move to Phoenix from less business-friendly states. What’s more, the rising cost of construction has
LPC Desert West has broken a new record with its latest sale. The developer has sold the first phase of Park 303, a 210-acre development with the ability to accommodate 4 million square feet of industrial space in Glendale, Arizona, a suburb of Phoenix. BentallGreenOak purchased the property for $186 million, highest single-building
US Capital Development, which is based in St. Louis, MO and has several active projects east of the Mississippi, broke ground on its first development in Arizona recently. Falcon Park 303 Phase I will be a 599,468 square foot speculative industrial product located along the red-hot Loop 303 Corridor in Glendale.
This week, two Arizona hotels, one in Tempe and one in Flagstaff, were sold to create affordable and transitional housing for vulnerable communities. NewGen Advisory is the company facilitating those purchases, one by the city of Tempe and one by Housing Solutions of Northern Arizona.While not all of NewGen’s hotel sales are focused on
A recent article Wall Street Journal noted that the United States is millions of housing units behind current demand. In Arizona, this translates to a pre-pandemic need of 230,000 new units with the majority of the need in Maricopa County. When a spokesman for the Arizona Multihousing Association presented this startling news at a