Silver Creek Development, a private real estate development and investment group, has commenced construction on an eight-building, 330,000-square-foot industrial complex in Mesa. Sossaman Business Campus will be built on a 26-acre site at the intersection of
A Taiwan-based semiconductor component manufacturer is expanding to the U.S. and opening a new headquarters in Phoenix. Highlight Tech Corp., which makes specialty process components and vacuum systems for high-volume semiconductor manufacturing, is planning
Though office sales in the Phoenix market have slowed considerably, one segment has remained relatively resilient: medical office buildings. Medical office buildings, or MOBs, are purpose-built commercial buildings specifically developed for healthcare providers
A California-based developer is looking to build 1,500 apartment units and more than 20,000 square feet of retail on a 15-acre site in midtown Phoenix. Earlier this month, Petree Properties met with the Encanto Village Planning Committee to propose a multi-phase mixed-use
As office-to-residential conversions become increasingly common, there are unique challenges to consider, tax codes that impact construction and an emerging policy discussion around the trend. Panelists speaking on the final day of the National Apartment
Phoenix-based Kentwood Ventures is building a new speculative industrial building in Pinal County, an area that has been attracting more industrial developers in recent months. The new facility, called KV Casa Grande, will total 314,453 square feet in a single building
Another big mixed-use project is headed for fast-developing North Scottsdale.Though not as massive as some of the housing developments that have turned desert landscapes into upscale homes, the Grand Peaks project is anchored by a five-story, 280-unit
The growing supply of U.S. apartments may be hurting rent growth, especially in markets such as the Sun Belt, and some major owners are noticing particular pockets of strength and weakness across the country. For MAA, one of the largest owners with a portfolio concentrated in
In the past several days, Chris Camacho, the CEO of the Greater Phoenix Economic Council, said his organization has fielded about 200 messages from stakeholders who have raised questions and concerns over Arizona’s future. The texts, calls and emails poured in from
The unemployment rate in Arizona has dropped to its lowest level since 1976, data shows.Arizona added 12,500 seasonally-adjusted jobs over the month in April, up from a 600 job increase in March. The state’s seasonally-adjusted unemployment rate ticked
Although supply-and-demand dynamics in the industrial real estate sector can perhaps be broadly foreseen over the rest of this year, “higher debt costs and tighter credit conditions are causing companies with maturing corporate loans to reevaluate capital spending
The company behind an advanced battery factory slated for Buckeye has received a conditional commitment for a federal loan of $850 million to build the facility. The U.S. Department of Energy loan would finance KORE Power’s construction of a 1.33 million-square-foot facility to
The solar energy sector continues to gain strength in Arizona, with robust growth anticipated in the coming years, according to a new industry report. That outlook comes along with good news for the sector nationwide, according to the US Solar Market Insight Q2 2023 report
NEW YORK — Even though hotel transaction volume is low and a possible recession looms, industry performance indicates that U.S. hoteliers are right to feel optimistic about the future. With the NYU International Hospitality Industry Investment Conference as a backdrop, Hotel News Now
Over nearly a decade, mid-priced apartments have quietly solidified their position as a resilient force in multifamily real estate to be increasingly sought-after by renters because of their highly inelastic demand. Meanwhile, an oversupply of higher-end apartments hasn’t become competitive to
Amazon.com’s newest facility in Mesa is one of the largest of its kind in the country. The Seattle-based company opened a new 1.2 million-square-foot storage and distribution center Friday at 8560 E. Elliot Road, just off the Loop 202 in Mesa. Going by the name KRB9, the
Grocery stores are using technology to reach out to shoppers on-site, and over the next couple of years the experience is expected to be completely different compared to how it is today. In late May, Kroger announced it was expanding its retail media strategy with the
Following several years of rapid growth, the single-family build-to-rent sector is expected to record an uneven performance in 2023, according to Northmarq’s Single-Family Build-to-Rent Special Report, which highlights the sectors mixed conditions after
A key takeaway from the National Association of Real Estate Editors’ annual conference is that the single-family build to rent sector is encountering both prosperity and headwinds. While institutional investors in single-family houses have tightened their purse strings in
In May, the US retail trade sector added 11,600 jobs in May, up from the 10,000 added in April, when adjusted for seasonal changes. However, the US Department of Labour Statistics considers this increase as “little changed over the month” due to the modest
Multifamily performance remains steady despite the looming threat of a slowing economy. U.S. asking rents saw a $7 increase in May to $1,716, while year-over-year growth decelerated to 2.6% nationally, 70 basis points less than April and the lowest level since
On June 1, 2023, the Arizona Department of Water Resources (“ADWR”) released a new groundwater model for the Phoenix Active Management Area (“AMA”) through ADWR’s Assured Water Supply (“AWS”) program. The model covers the Hassayampa and East and
As more companies upgrade their technology, data center space has become limited across the country and has helped push Phoenix to the top tier of metro areas for new data center development in recent years. The second half of 2022 saw about 124 megawatts of
Arizona Boardwalk at Talking Stick announced last week that it has leased an additional 48 acres of land for future expansion. The land, located in the Salt River Pima Indian Community, was leased for an undisclosed amount from landowner allottees, according to
Although economic indicators are giving conflicting signs, the nation does not appear to be in a recession and should be headed toward a soft landing from inflation and high-interest rates. “Today’s economy is a lot like looking into a kaleidoscope, with the