After the hectic pace of growth in industrial supply that occurred in 2022, 2023 is shaping up to be a more normal year. In the first five months of 2023, developers began work on 109.6 million square feet of industrial space, compared to a record 240.5 million in the same period of 2022
On the outskirts of metro Phoenix, some new housing developments won’t get approved due to a lack of water, but in those same fast-growing areas, commercial development is moving forward unhindered. That’s because the new restrictions apply only to new housing developments that rely solely on groundwater, and not to
Leading real estate developer, manager and investor Sunbelt Investment Holdings Inc. (SIHI), along with general contractor Graycor Construction Company Inc., have debuted design plans for and started construction on Phase I of Camelback 303. The project initiates more than one-half-million
A plan to develop Arizona’s tallest tower cleared its final hurdle Wednesday, as the Phoenix City Council approved a development agreement and tax incentive for the downtown Phoenix project. The development, called Astra, is planned by Aspirant Development, part of Scottsdale-based Empire Group, at Second Avenue
The Arizona Coyotes say they have identified a half-dozen potential sites to construct a privately funded arena and entertainment district to revive what might be the franchise’s last opportunity to stay in the Phoenix area. Speaking before the start of the NHL draft, president and CEO Xavier Gutierrez said
Although construction costs have spiked in the Phoenix metro in the past three years fueled by supply chain issues and other factors, it appears those prices are finally leveling off, according to a national report. The study, from global construction advisory, cost and project management firm Rider
A record one-quarter (25.4%) of homebuyers nationwide are looking to move to a different metro area, according to a new report from Redfin, the technology-powered real estate brokerage. That is up from 23% a year ago and less than 20% before the pandemic. And Phoenix is the top relocation destination for
With national parks, rich history, and a unique blend of cultures, Arizona draws many vacationers. However, it is also one of the fastest-growing states in the country, where 13 percent of the population was born abroad. So what makes the state so attractive to newcomers? While natural beauty and cultural
Award-winning real estate development firm Optima announced today the grand opening of 7190 Optima Kierland, the fifth and final tower within the Optima Kierland development in North Scottsdale. “We are excited about opening the final building for Optima Kierland. We appreciate all of the
Martens Development has broken ground on Mission Park, a two-building, 723,508-square-foot industrial project in Buckeye, Ariz. Ware Malcomb provided architecture services, while Willmeng Construction serves as general contractor and Kimley-Horn as civil
The first phase of a mega light-industrial project that includes a 16-acre landscape buffer, commercial and up to 750 multifamily units is anticipated to break ground in about a year. Town Council gave its stamp of approval last week for the developer to move forward with The Ranch – which includes
David Hovey Jr. has been crazy busy these days. He just received approval to begin work on Optima McDowell Mountain Village, a new $1 billion luxury community in north Scottsdale, at a time when he’s opening the fifth and final tower at his popular Optima Kierland development.That final piece, 7190 Optima
Historically tight market conditions driven by robust population growth and healthy consumer spending have sent rents surging in the Phoenix retail market. Annual rent growth surpassed 9% in the second quarter of 2023, one of the best performances in the country and triple the market’s
Buckeye has become a growing hotspot for industrial development as more projects progress in the fast-growing city. This month, Scottsdale-based Martens Development broke ground on its planned Mission Park industrial project that will cover 723,508 square feet. The smaller building will total nearly 200,000 square feet
Arizona Mills will become the first “Picklemall” in America when one of its vacant big-box stores transforms into 24 championship-style pickleball courts this July. State of play: Billionaire Major League Pickleball founder Steve Kuhn is funding the conversion of 50 vacant department stores
The Tempe Development Review Commission will hold public comment on the city’s proposed general plan through 2050 at 6 p.m. on Tuesday. It serves as a guide for boards and Tempe City Council to reference when considering development projects. A series of public hearings will
The Biden administration announced that more than $40 billion would be distributed across the country to deliver high-speed internet in places where there’s either no service, or service is too slow. Arizona’s portion is more than $993 million. The funding comes from the
Boosted by the significant uptick in consumption resulting from strong population and employment growth, many major markets in the Sun Belt continue to see retail rents accelerating at a rapid pace, in many instances by more than twice the
Southeast Mesa residents regularly bemoan the lack of dining and entertainment options close to their neighborhoods, a state of affairs they say pushes them into Gilbert and Queen Creek in search of food and fun.City officials have worried that in addition to impacting
The Valley’s startup scene keeps gaining steam, and that has increased its prominence on key annual evaluation of the world’s leading locations for new and innovative companies to thrive. The Phoenix metro stepped up a notch to No. 19 this year on the
Housing affordability increased nationally and in all Arizona metropolitan areas for the first quarter of 2023 based on the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index (released June 8). Rising incomes
America’s youngest generation to come of age is taking on mortgages despite steep economic hurdles, including pandemic graduations and student loan debt, Axios’ April Rubin reports. By the numbers: 17.6% of mortgage requests made in
The Arizona State Transportation Board approved a five-year modernization and preservation plan that includes funding to expand multiple highways in the state. The 2024-2028 Five-Year Construction Program includes more than $9 billion in transportation
Commercial real estate has faced continued challenges amid the growing trend of hybrid work. Willy Walker, Walker & Dunlop CEO breaks down why are lenders concerned. Video TranscriptNEWS ANCHOR: Commercial real estate concerns are on the rise
Employment gains in top national markets continue to stay strong, per Bureau of Labor Statistics data that showed gains neared almost 350,000 jobs last month, even as unemployment climbed to 3.7% from 3.4%, an indication that those looking for a job want