So far this year multifamily investors have shown little inclination to reverse the slow sales trend of 2023. Last year multifamily investment volume fell by 60% from 2022 to $117.5 billion, marking the lowest annual multifamily investment volume since 2014. This year is supposed
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
Stadium Point, a major mixed-use development that is expected to boost Peoria’s P83 entertainment district, could break ground as soon as this summer, according to the master developer Steinhauer Properties Inc. The 1 million-square-foot development, which
Another month for multifamily, another drop in rental rates, according to Apartment List’s newest rent report, which looks back at what happened in January. “The rental market kicked off the new year with a sixth straight month of negative rent growth, as the nationwide
Office leasing activity has started to pick up in recent months, but it remains far from the level it was at before the Covid-19 pandemic. VTS Inc., a commercial real estate leasing and asset-management platform, recently found through its VTS Office Demand Index (or VODI) that
Conditions in CRE are, well, peculiar. On one side the bottom’s getting closer. BlackRock Real Estate Research has said that now is the time to invest in CRE. And Colliers U.S. CEO Gil Borok recently said on CNBC, “Buyer and seller equilibrium is being reached, which also
Significant progress has been made on Wisconsin-based Kohler Co.’s manufacturing project in Arizona for its Sterling Vikrell bath and shower fixtures. The 1 million-square-foot Casa Grande plumbing products factory, located an hour south of Phoenix in Pinal County, reached
Northrop Grumman Corp. (NYSE: NOC) has inked another large lease at Gilbert Spectrum. The Virginia-based aerospace and defense contractor is taking the entire 119,222-square-foot Building 3 at the Gilbert business park near McQueen and Elliot roads. “In Arizona, we
Yet another entry has arrived in the ongoing effort to figure out where renters plan to move. This time it’s from RentCafe, which bases its results on its rental listing data for 150 U.S. cities. And the winner is —Minneapolis! Each city is assigned a score that considers the availability of
Work has begun near Glendale’s entertainment hub to build more than 500 units of “budget-friendly” apartments for the area’s working-class residents. In a groundbreaking ceremony Thursday morning, Councilmember Betty Guardado of Phoenix’s Fifth District joined the
Among the palm trees and plaster facades of San Diego, apartment brokers, bankers, and builders from across the nation gathered this week to figure out how to navigate what they say are two of the biggest challenges hitting their industry: higher interest rates and insurance
Menlo Equities has proposed a large technology and data center project in place of an existing office park in southeast Phoenix. The Menlo Park, California-based commercial real estate investment firm wants to develop a 1 million-square-foot campus with five buildings each
The Westin Tempe faces a potential foreclosure sale after failing to make its loan payments. The lender for the 290-room hotel near Seventh Street and Mill Avenue in downtown Tempe filed a notice of trustee sale earlier this week, according Maricopa County records. Such
In 2023, national average asking rents increased by 1.6% in the multifamily rental market, according to a report from Yardi Matrix. The rent growth story is expected to be different this year, with Yardi Matrix forecasting two main shifts in this market. First, record available
Arizona-based Pat Simone Charitable Foundation has sold a 101,932-square-foot building in the Southbank Industrial Park in Phoenix for slightly more than $20 million, after paying over $10 million for it in 2020, according to CoStar data. The Meritex Co., a privately held
Much in CRE during 2023, when compared to the previous year, could be explained away at least partly because 2022, while not earning the top marks, was second or maybe third over the last decade. However, the data in a new report from Newmark makes it clear that the
Construction is completed at The Livano Deer Valley, a 242-unit apartment community in North Phoenix. McShane Construction Company built the community on behalf of the owner, Jomax Residences, LLC. The community is located at 26800 N. 27th Ave. The three-story, multi
The Greater Phoenix industrial market delivered a historic 27.9 million square feet of new space during 2023, which drove vacancy rates up in the area, according to a report released by Colliers in Arizona. Vacancy rose to 6.7 percent at the end of fourth quarter, which marks a 370 basis point rise
A large amount of multifamily housing supply coming online is expected to suppress national average asking rent growth this year, according to a new special report from Yardi Matrix. The report also showed that Phoenix is among the cities that saw the largest rent decline in 2023. While national average
The Federal Reserve’s Federal Open Markets Committee kept the benchmark federal funds rate steady. Surprisingly, he explicitly took a March rate cut off the table. But some are asking what the Fed is ultimately waiting for, as 3- and 6-month views of core inflation are already below the target
Savvy investors stockpiling their funds to buy multifamily housing at bargain prices may find themselves stuck on their stockpiles and second-guessing their judgment. “The much-anticipated deluge of properties driven to market by maturing debt, higher refinance rates and tighter debt service
Dick’s Sporting Goods Inc. is planning to debut its budding national store concept — called Dick’s House of Sport — in Arizona in 2025, the company confirmed to the Phoenix Business Journal Jan. 30. The new Dick’s Sporting Goods (NYSE: DKS) concept combines the
It looks like 2024 could be the year when investors lose their fear of the CRE markets even as they note the risks around them. Many will dip their toes in the water, rather than taking a plunge. But there is clear interest in buying and selling, a new CBRE survey of U.S. investor
In 2024, developers are undertaking an extraordinary endeavor to rejuvenate aging office structures into inviting rentals, setting a historic record with the largest-ever conversion of office buildings into residential units: A total of 55,339 apartments are currently undergoing office
High interest rates continue to be a problem for home developers, a trend that a National Association of Homebuilders survey sees continuing this year. Nine out of 10 builders said that was the case in 2023, according to the January 2024 survey for the NAHB/Wells Fargo Housing