March 18, 2021

Greater Phoenix lost about 33,100 jobs in January, according to the latest employment report from the Bureau of Labor Statistics, virtually undoing the gains the market accrued in November and December. Job losses in January follow typical seasonality patterns; temporary hires during

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March 17, 2021

A year after the Covid-19 pandemic forced many businesses to move employees to working remotely, activity is beginning to pick up in the Phoenix office market, though on a smaller scale. “Tour activity is up substantially,” said Andrew Cheney, principal at Lee & Associates. “January and

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The pandemic has taken a crushing toll on the largest shopping center in the United States, Minnesota’s Mall of America, and officials say that the effects of that damage could linger for years to come. An official at the 5.6 million-square-foot megamall in Bloomington, Minnesota, a suburb

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The coronavirus pandemic has shaken the US economy, and its effects will be felt for years to come. Retail, entertainment and hospitality have been hit particularly hard by government-mandated shutdowns, changing consumer behaviors and shifts in spending. For many, the road

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Arizona lawmakers are again looking for ways to punish bad actors in the vacation rental market. This year, they’re targeting tax licenses for those who repeatedly create neighborhood nuisances. The move has the backing of the industry, including Airbnb and Vrbo owner Expedia Group, but not

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Phoenix-based Cavco Industries Inc. bought 118,241-square-foot class A industrial building in Glendale from Trammell Crow Co. for $15 million. The sale fetched the highest price per square foot for a vacant shell building, $130, in the history of the Valley’s industrial market, according to data from

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March 16, 2021

Tempe residents and city officials hope a recently approved apartment complex north of Loop 202 could jumpstart redevelopment on a county island dotted by a strip club, a pawn shop and scrap-metal shops. At the least, it takes a 17-acre chunk out of the 70-acre county island, as the city annexed

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“The top commercial real estate markets that are expected to outperform the rest of the nation are generally affordable and able to draw new residents with a greater flexibility to work from home,” said NAR’s Chief Economist Lawrence Yun. “These growing markets also offer much lower office

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This time last year many were scrambling for toilet paper or naively assuming work-from-home would last for two weeks, tops. Twelve months later and major Valley employers say their plans to return to offices remain unaltered and they’re doing the utmost to keep their employees safe, which

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In most cities, the expansion of an office park would fall into the “no big deal” category.Not in Mesa. Neighbors heatedly oppose a request by a developer for an office building and garage near Riverview that Mesa City Council is scheduled to vote on at its virtual meeting at 5:45 p.m. Monday,

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Milhaus, a national award-winning developer, owner and operator of Class-A multifamily properties, today announces its expansion into Arizona with Milhaus North Tempe, one of the company’s largest developments to date. The $91 million first phase of this planned two-phase development project, in a

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March 15, 2021

A local investor bought the Days Inn & Suites Scottsdale North in Scottsdale, Arizona, and plans to renovate and rebrand the property as a boutique-style hotel to take advantage of the increasing number of entertainment and tourism options coming to the Phoenix suburb. Scottsdale-based

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Phoenix offices are gearing up to reopen, and office owners are preparing to safely welcome employees back to the workplace. This includes creating safe and clean spaces—as many owners have already done throughout the pandemic—as well as preparing amenity spaces to safely return to some

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Cities across the Sunbelt and Mountain West are experiencing the strongest tailwinds in the multifamily sector, as fewer job losses and fast-growing populations drive demand for quality rental products. A new report summarizing the multifamily investment forecast from Marcus & Millichap cites

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Milhaus, a national award-winning developer, owner and operator of Class-A multifamily properties, announced its expansion into Arizona with Milhaus North Tempe, one of the company’s largest developments to date. The $91 million first phase of this planned two-phase $177 million development project, in a

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If it seems like there is a constant stream of construction news coming out of the West Valley, you’re not mistaken. The West Valley has been a hot spot for mega-projects. From housing to industrial to hospitality, the West Valley is bustling with current construction projects. Here are some of the

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March 12, 2021

The tourism industry was thrown for a loop in 2020 as occupancy rates dropped as out of state visitors lessened and the normally high economic impact from Arizona’s resorts and attractions took a large hit unlike any in recent years. However, Scottsdale, one of the state’s biggest

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The Statesman Group of Companies has garnered a premium price in the sale of Montreux, a luxury apartment property in the Desert Ridge area of North Phoenix. The developer sold the 335-unit project at 5550 E. Deer Valley Drive to Los Angeles-based investment and development

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The oldest operating indoor mall in Phoenix, Christown Spectrum, is set for a massive adaptive reuse project, which aims to include office, apartments, retail, entertainment and hotel uses on the 98-acre mall site. “Christown Spectrum intends to accommodate the full spectrum of business

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Home Depot is planning to hire more than 1,600 full- and part-time employees locally as it gears up for the busy spring season. The giant retailer also is buoyed by brisk home sales and an increase in renovation activity. It posted a 25% sales increase in its most recent quarter

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A local investor bought the Days Inn & Suites Scottsdale North in Scottsdale, Arizona, and plans to renovate and rebrand the property as a boutique-style hotel to take advantage of the increasing number of entertainment and tourism options coming to the Phoenix suburb

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March 11, 2021

Arizona currently has the highest population growth rate in the United States and has the third-highest population growth since 2010, according to 2020 census data. Arizona is also currently ranked 4th in the U.S. for GDP growth per year. Further, when measuring chained GDP

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Small, secondary metros will be the top investment markets in the country this year, according to the National Association of Realtors. The organization has released its list of the top 10 commercial real estate markets for 2021, which highlights the markets that are expected to outperform

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Phoenix is among the best-performing cities in the country, according to a new index from the Milken Institute. Its annual report puts the Phoenix metro area seventh in its rankings, up five spots from 2020. The organization looks at factors including job and wage growth, housing affordability

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Resales in metro Phoenix dropped in January, but home prices still climbed. The Valley’s median home price hit a new record in the first month of the year and likely climbed by another $5,000 in February. Last month’s housing data is still being tallied. Too few existing homes for sale

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