In this century, it has taken anywhere from 1 1/2 to 3 1/2 years for commercial property sales volume and prices to begin increasing following interest rate cuts. The way it all plays out, after the Federal Reserve’s announced half-percentage-point cut in the
Phoenix’s most iconic mall — Metrocenter Mall — is on its way to becoming the largest mall redevelopment project in Arizona’s history. Concord Wilshire Capitaland TLG Investment Partners(Developer) announced today that (i) the Abatement and
A hotel developer is bringing a brand of extended stay hotels to the Phoenix market and plans to eventually build 12, with a few expected to break ground this year. West77 Partners will be the developer, general contractor and
Scottsdale-based Shea Homes has purchased the last parcel of an 80-year-old dairy farm in Glendale. Shea Homes paid $15.57 million in cash to the family of Rovey Farms for 120 acres near 75th and Northern avenues, according to Tempe-based Vizzda LLC real estate
Arizona’s first surf park is finally set to make waves in Mesa this fall, following a two-year delay caused by supply-chain disruptions. The 3.3-acre Revel Surf, which promises an incredible surfing experience for all, just concluded a
Whether it’s coffee, chicken sandwiches, or a rice and protein bowl, Americans are spending a record amount on food and drinks outside their homes. According to the U.S. Census Bureau, Americans spent more than
An unprecedented wave of supply over the past few years has driven Phoenix industrial space availability to one of the highest levels in the nation. While the deluge of speculative construction has dramatically expanded the
Quarter two multifamily apartment investment conditions were mixed across the country with 14 markets up, nine markets down and two unchanged in Freddie Mac’s Multifamily Apartment Investment Market Index (AIMI). The index rose 0.3% nationwide quarter-over-quarter and
An out-of-state restaurant group is set to enter the Phoenix market by opening two new concepts inside the Esplanade office complex in Phoenix’s Biltmore neighborhood on Camelback Road. Hearsay is the brand name for a casual fine dining restaurant that will be run
An observation that CRE experts have made to GlobeSt.com for at least the last two years has been the record number of apartment completions in 2023 and 2024. The Census Bureau numbers from August show that the trend continues. Last month, the rate of unit completions for
With the Fed cutting interest rates by half a point this week and more cuts expected before the end of the year, the next 50 days could be a unique window of opportunity where the math aligns particularly well for investors, according to Marcus & Millichap’s national director of research and
A new live music and entertainment venue looks to hit the right note in a growing part of the Valley with limited nightlife options. The Bongiorno family, which founded the Arizona home furniture store chain, Potato Barn, is looking to bring The Nox to southeast Mesa. The venue would be
Another Canadian company is joining Arizona’s economy. Montreal-based 5C Data Centers (5CDC) is planning its first Arizona project in central Phoenix near downtown. The company said on Sept. 18 that its first development in the region will be a 140,000-square-foot facility with 20 megawatts of power capacity, called PHX01. The company declined to
While America is getting a taste of its first-rate cut in four years, Canadian real estate professionals who have welcomed three straight reductions in the overnight lending rate this year still hanker for more. That’s because higher interest rates in Canada since 2022 put a damper on that
Advanced Semiconductor Materials’ new north Scottsdale headquarters and research facility is a step closer to reality following city approval of a development agreement. Scottsdale City Council unanimously approved the agreement at its Sept. 17 meeting that would reimburse the
The U.S. Federal Reserve said it is making a half-percentage-point cut to its benchmark interest rate, a long-awaited move that real estate investors hope will be a first meaningful step toward a recovery of property values, transaction volume and development activity. The formal
Phoenix’s most iconic mall — Metrocenter Mall — is on its way to becoming the largest mall redevelopment project in Arizona’s history. Concord Wilshire Capitaland TLG Investment Partners(Developer) announced today that (i) the Abatement and Demolition of the
“We are excited to acquire 236 and 240 North 48th Avenue, a strategically located property in the Southwest Phoenix submarket where demand for modern and efficient industrial warehouse space remains strong,” said Morgan Hill, Vice President at Stos Partners. “This acquisition allows us to
A spate of retail bankruptcies has opened up vacancy in shopping centers and malls across America. In some markets and centers, a retailer’s store closures have been backfilled quickly and at a higher lease rate than what the previous occupant was paying. But in other places, a less positive story may
The Federal Reserve’s decision to lower its interest rate by 50 basis points came as surprisingly aggressive but still welcome news to U.S. hoteliers. When announcing the cut, the Fed’s Federal Open Market Committee said in a statement that
Republic Services Inc. (NYSE: RSG), one of Arizona’s largest publicly-traded companies, has placed its existing corporate footprint on the market as it kicks off construction on a new headquarters office in Phoenix. The environmental services company’s current headquarters, a
Will the Federal Reserve’s Federal Open Market Committee cut the federal funds rate this Wednesday? It’s about as close to an absolute “yes” as you can find in economics. That’s been the case since Fed Chair Jerome Powell said, “The time has come for policy to
Sanctuary on 51st, a 217-unit build-to-rent development in the Laveen Village neighborhood of Phoenix, has sold for $61.4 million. Arizona-based Brown Group sold the property, located at 7100 S. 51st Ave., to Brunton Management in Newport Beach, California, in
For years, Mesa’s economic development strategy focused on building a workforce in manufacturing and technology jobs and kept retail development as an afterthought. That focus is changing after City Council members pushed for a more
CaliberCos Inc. sees a big opportunity with a nearly vacant office campus. The Scottsdale-based wealth management and real estate investment firm has acquired the more than 300,000-square-foot, two-building Canyon Corporate Center from