February 26, 2024

The latest National Association for Business Economics (NABE) survey of forecasting economists about the outlook for 2024 and 2025 suggests that things are looking up since its take last quarter. They’re projecting real (inflation-adjusted) 2.2% GDP growth, versus the median

Read The Full Article...

Phoenix and Atlanta are among dozens of U.S. cities poised for significant job gains from more than 300 manufacturing projects announced since 2020 that are expected to increase domestic production of semiconductors, electric vehicle batteries and other technology components. Greater

Read The Full Article...

With the addition of five new tenants, Nationwide Realty Investors is closer to fully leasing one of its buildings in north Scottsdale. In the coming months, Edward Jones, Frontdoor, Trajan Wealth, Osaic Inc. and OEM Group are expected to take occupancy of new offices at Cavasson

Read The Full Article...

The Real Estate Roundtable’s Q1 2024 Sentiment Index confirms that commercial real estate property markets continue to experience significant challenges. At the same time, in the coming year industry executives expect monetary policy action reflecting lower inflation to

Read The Full Article...

Award-winning real estate development firm, Optima is partnering with Mitsui Fudosan America, Inc. for the development of the first building within its newest Arizona residential development, Optima McDowell Mountain Village, located on 22-acres on the southeast corner of Scottsdale Road

Read The Full Article...

February 23, 2024

An iconic Scottsdale resort is looking to up its game. The Fairmont Scottsdale Princess filed a request to the city of Scottsdale to update its master plan. The request, which will be considered by the Scottsdale Planning Commission on Feb. 28, seeks to amend development standards

Read The Full Article...

A lot of attention in CRE focuses on large sales and projects, and anyone following the news has seen how transaction numbers have plummeted. That’s in year-over-year comparisons with 2022 being an unusually large baseline. But not all property transactions are hit at the same

Read The Full Article...

Metro Phoenix’s housing market was pretty meh in January. But home prices and sales are bouncing in February. The Valley’s median home price was flat at $430,000 in January from December but is on track to climb to $440,000 in February, according to the Arizona Regional Multiple

Read The Full Article...

Texas builder D.R. Horton Inc. (NYSE: DHI) bought 111 acres from Scottsdale-based Walton Global with plans to build 456 homes within Elena Trails in the city of Maricopa. The transaction to acquire the land was complex. First, according to Tempe-based Vizzda LLC real estate

Read The Full Article...

Nevada has been the country’s big winner when it comes to growing jobs, according to research from RealPage and Bureau of Labor Statistics (BLS). In fact, Nevada grew its total employment base at the highest rate in the country in 2023, experiencing 3.8% growth with a net

Read The Full Article...

February 22, 2024

Existing-home sales picked up in January as buyers took advantage of the lowest mortgage rates seen in several months. Existing-home sales rose 3.1% from December to a seasonally adjusted annual rate of 4 million in January, according to a report from the

Read The Full Article...

The annual rate of decline in U.S. property prices slowed further at the start of 2024, MSCI Real Assets said Thursday The RCA CPPI National All-Property Index fell 4.7% in January from a year ago and 0.1% from December. Prices were falling at an annual pace of around 11% in July and August of

Read The Full Article...

Metrocenter, once the Southwest’s largest indoor mall, has been closed for years. The former mall site is set to be redeveloped, with a handful of large real estate companies preparing to transform the site into an “urban village” focused on

Read The Full Article...

Philadelphia-based Korman Communities and New York-based RXR have unveiled a 17-floor residential tower in downtown Phoenix. Called AVE Phoenix Sky, the 254-unit residential community at 601 N. 3rd Ave. was built by Clayco Construction, with CCBG Architects as architect and

Read The Full Article...

The final phase of demolition has begun on the 72-acre, former Motorola semiconductor manufacturing campus located at 52nd Street, Loop 202 and McDowell Road in Phoenix. The site is located minutes from Phoenix Sky Harbor Airport, Arizona State University, downtown Phoenix, and Scottsdale. Beginning in the 1960’s, this Phoenix Motorola semiconductor facility was

Read The Full Article...

February 21, 2024

After 18 months of construction, Phoenix-Mesa Gateway Airport’s terminal expansion project is complete in time for the spring travel season. Officials and dignitaries – including White House advisor Tom Perez, members of Congress and East Valley mayors — participated in a

Read The Full Article...

Tempe officials have unanimously greenlit a plan to build a 15-story apartment building that will create about 300 new housing units less than a quarter mile from Arizona State University’s Tempe campus. The upcoming complex doesn’t have an official name yet, but it

Read The Full Article...

Following steep losses through the second half of last year, the Phoenix apartment market finally posted positive monthly rent growth in January. The average asking rent increased 0.3% in the inaugural month of 2024, the largest increase since May 2022. While last month’s gain lags the

Read The Full Article...

While infrastructure and site work are underway in Mesa, construction on the first phase of a build-to-suit U.S. headquarters for Canadian company Xnrgy Climate Systems is just around the corner. Matt Jensen, a partner at Utah-based The Boyer Co., said he expects to have the

Read The Full Article...

Amkor Technology Inc. cleared a major hurdle on its path to construct a $2 billion packaging and testing complex in the northwest Valley on Tuesday night, when Peoria’s leaders gave their enthusiastic support for an agreement to construct the project on more than

Read The Full Article...

February 20, 2024

Depending on where you live, property taxes can be a small inconvenience or a major burden. How do Arizona property taxes rank? The average American household spends $2,869 on property tax for their homes each year, according to

Read The Full Article...

After being placed in a receivership following its ownership’s failure to make mortgage payments, a buyer has been lined up to acquire the Adero Scottsdale resort. The 177-room property in Fountain Hills, which used to be the CopperWynd Resort before a massive renovation and

Read The Full Article...

The former Metrocenter mall is now expected to be demolished by the spring of 2024 after the developer pushed back the timeline for its major redevelopment project amid a high interest rate environment. The development team — comprised of Concord Wilshire Capital, TLG Investment Partners

Read The Full Article...

Thousands of people attended the International Franchise Association’s annual convention in downtown Phoenix. Inside the Phoenix Convention Center, hundreds of suppliers filled the exhibit hall offering ways to boost efficiency, profits and productivity, including

Read The Full Article...

The pace of commercial real estate loan closings inched up toward the end of last year, signaling a possible change in sentiment among banks and other CRE lenders. The CBRE Lending Momentum Index increased by

Read The Full Article...