Freddie Mac and Fannie Mae are on track to lend nearly as many dollars to apartment properties in 2020 as they did in 2019. They have even loosened rules created in the early months of the COVID-19 crisis that required new multifamily borrowers keep enough reserves on hand to ensure they could
By not losing, the industrial property sector was the big Q2 winner in the U.S. commercial real estate market. That’s the takeaway from UBS Asset Management’s quarterly Real Estate Outlook. Data showed total returns hovering around zero for apartments and office space, and negative returns for hotels
Homebuilders around the Valley have increased the number of single-family building permits pulled for the third-straight month, shaking off the effects of the coronavirus that stalled growth in the spring. Meritage Homes Corp. (NYSE: MTH) pulled the most single-family building permits in July around
The Arizona Department of Health Services announced Thursday that Phoenix-area businesses that had been closed to slow the spread of Covid-19 will be allowed to start reopening at limited capacity. Maricopa County, which includes most of the Valley, has met the state’s “moderate” category
The Federal Reserve on Thursday adopted a historic shift in its approach to interest-rate policy that places more emphasis on boosting employment and allows inflation to rise above the Fed’s 2% target during economic expansions, keeping rates lower for longer. In the current COVID-19-induced
The banks of the Salt River were once a dumping ground for trash and abandoned vehicles. Now, they’re blooming with restored riparian habitats and plans for community and recreation spaces. One of these spaces — 83 acres between Seventh and Central avenues owned by CEMEX
After relocating to Arizona from Southern California, Cole Cannon and his wife had one requirement for where they would live: It had to be on a body of water. The two now live on a private lake, but Cannon decided he needed to take the experience of the ocean one step further. He set out to create
Developer Marwest Enterprises LLC broke ground on the latest phase of its master-planned industrial project at Phoenix-Mesa Gateway Airport, where an influx of new businesses has caused a demand boom for logistics space. Landing 3 is designed to include seven buildings totaling 525,000
The Coronavirus and ensuing recession have altered the fortunes of the top 10 US office markets. How they weather the storm will be decided by choice of tenants, local conditions and not the least, whether workers return to the office in the foreseeable future
U.S. commercial real estate prices are falling as the economic toll of the Covid-19 pandemic worsens — and the decline is just getting started. Indexes for office, retail and lodging properties all slipped year-over-year in July, data from industry tracker
Once again, Phoenix is No. 1 in the nation in home price growth, with year-over-year price increases of 9% in June, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. Phoenix price growth far outdistances the next two major metros: Seattle, with 6.5%
An uneven economic recovery from the COVID-19 crash is increasing the divide between the haves and have-nots, and the rift will extend to the commercial real estate market, according to a new report. The report explores how some economists’ theory that the country will see a “K-shaped” economic
A popular Scottsdale Jewish community center has filed paperwork with the city to add an on-site senior living facility to its campus. The Valley of the Sun Jewish Community Center filed applications with the city on Aug. 5 for zoning and text amendments needed to pave the way for the 185-room facility
Cousins Properties signed a roughly 95,000-square-foot lease with Amazon at 100 Mill, a 287,000-square-foot office development in downtown Tempe. The e-commerce giant will use the space at the 18-story tower for its Phoenix Tech Hub expansion. The $153-million development is expected
Minneapolis-based health insurance company Bright Health Plan is planning to open a contact center in Tempe, Arizona, that’s set to bring up to 75 jobs in the area. Bright Health is subleasing a 28,000-square-foot space from Varsity Tutor at Rio 2100, a 100,102-square-foot
Office properties are performing better than one might expect during the pandemic thanks to attractive locations, diverse tenant bases, and long-term lease structures. However, all that is set to change unless there is a “full and soon” recovery in the greater economy. In the meantime, price discovery
With ever-increasing amounts of day-to-day activity taking place online, even more so under the COVID-19 pandemic, demand from large and small companies is driving robust growth in the data center segment. That’s making it an increasingly attractive investment
In the Before Time, Dan O’Leary, a director of business partnerships at a tech company, commuted two to three hours a day and flew on weekly business trips. He adhered to a strict schedule: His alarm was set for 5:30 a.m. to fit in a Peloton ride and shower before catching
MiTek, a construction product and software company, is expanding its Arizona footprint by signing leases totaling more than 400,000 square feet in Tolleson. The company renewed its lease for eight more years at 7890 W. Lincoln Street, where it occupies 259,200 square feet
Gila River Hotels & Casinos – Wild Horse Pass broke ground on a $143 million expansion project in Chandler, a move that aligns with the enterprise’s rapid growth in Arizona. Scheduled to open in fall 2021, an 11-story hotel tower will be added to Wild Horse Pass and connect to its
As the economic ramifications of the COVID shutdowns start hitting large property owners, Michael T. Fay, principal, managing director and global head of Avison Young’s asset resolution team, wonders if bigger deals are on the horizon. “I think we’re going to see some
An expected 700,000 single-family units designed for the rental market are expected to be built nationwide over the next 10 years, but that’s still not enough to keep up with the growing demand, according to a study conducted by RCLCO Real Estate Advisors. This growing niche of
Much of the retail sector was already gasping for air pre-COVID-19, with climbing retail bankruptcies and store closures. Add in a global pandemic that could permanently change how people shop, work and live, and the outlook appears even more risky for many retail real estate investors
Mattress manufacturer MLILY is slated to open a factory in metro Phoenix’s west side, bringing 300 jobs, by the end of the year. The factory, planned for Cotton Lane and Thomas Road in Goodyear’s rapidly growing Loop 303 business corridor, will be the Knoxville, Tennessee-based
While sectors of Arizona’s economy have suffered financial losses during the pandemic, the state is faring better than much of the nation, according to a leading economist. If Arizonans can stay masked, socially distanced and sanitized, it has a good chance for full recovery as soon as mid 2021