May 10, 2023

“Summit Business Park will sit in a prime location in one of the best markets in the country,” said Bob Mohr, chairman of Mohr Capital. “The tenant demand Mohr Capital is seeing in Phoenix right now is among the strongest in the western United States. As such, we expect this project to be fully leased prior to completion.” West Summit Logistics Park’s larger building features a 453,960-square-foot cross-docked building with 36′ clear heights,

Read The Full Article...

A third of older office building stock in some of the largest cities across the United States and Canada are considered ripe for conversion into apartments, potentially providing one way to revive urban vibrancy in cities where workers haven’t fully returned to the office. Global real estate firm Avison Young identified

Read The Full Article...

May 9, 2023

A new budget proposal emerged today that delivers a child tax rebate, major spending on housing and education, and a reshuffling of money destined for water projects. The $17.8-billion proposal would balance total spending with estimated revenue for fiscal year 2024, while allocating

Read The Full Article...

Arizona’s healthy demographic tailwinds remained in full force in 2022, with Maricopa County leading the United States in absolute population growth for the third straight year, according to the latest data from the U.S. Census Bureau. The county, which makes up the majority of the Phoenix

Read The Full Article...

Lorenzo Perez expects to spend the next few months in due diligence on the transformation of a historic site in Tempe. He’s hopeful that by the end of the year or early next year construction will start moving forward. Perez, the co-founder and managing partner of Venue Projects is partnering

Read The Full Article...

A project 20 years in the making is coming to fruition in a city swirling-with-developments area near Hayden Road and the Loop 101. Like the Axon planned expansion and Mack industrial park, this one involved an auction of state land – but plans are for residences, rather than industrial

Read The Full Article...

Much anticipation has surrounded details of the culinary offerings at acclaimed restaurateur and hospitality innovator Sam Fox’s soon-to-open luxury hotel, The Global Ambassador, and today new details are being revealed about all five original restaurants that Sam Fox will open

Read The Full Article...

Metro Phoenix’s housing market slowdown could be over, at least for now. Home sales and prices both climbed in March, according to the latest data. And housing analysts aren’t expecting either to have fallen in April. The Valley’s median home price is still down from the high hit last June but

Read The Full Article...

May 8, 2023

It is looking possible that multifamily’s fundamentals in the second quarter will finish stronger than a year ago. It is even possible that the quarter overall may outperform expectations. This is according to CoStar Group, which is basing this premise on April’s rental numbers that are showing every sign

Read The Full Article...

A Nashville, Tennessee-based health care firm found its new Valley office on Tempe Town Lake. Monogram Health inked a deal for a 25,000-square-foot space to take the entire third floor at Hayden Ferry Lakeside II, which is at 60 E. Rio Salado Parkway in Tempe and opened earlier this year. The kidney

Read The Full Article...

Major commercial real estate brokerages say they are bracing for some tough months ahead before demand starts to improve later this year or early in 2024. The firms reported year-over-year revenue declines averaging about 40% to 50% in the first quarter amid concerns about the stability of the

Read The Full Article...

Mohr Capital and Rosewood Property Company have kicked off construction on West Summit Logistics Park, in Surprise, Arizona. The logistics park will consist of two Class-A industrial buildings totaling 704,472 square feet across 46 acres of land. “Summit Business Park will sit in a prime location

Read The Full Article...

Metro Phoenix’s housing market slowdown could be over, at least for now. Home sales and prices both climbed in March, according to the latest data. And housing analysts aren’t expecting either to have fallen in April. The Valley’s median home price is still down from the high hit last June but ticked up

Read The Full Article...

May 5, 2023

Diamond Sports Group, the parent company of Bally Sports Arizona, has asked a bankruptcy judge in Texas to order the Phoenix Suns and Phoenix Mercury to roll back its new media rights deal. Less than a week after the Suns announced the team would be moving its games from the cable network

Read The Full Article...

New data from the first quarter of 2023 shows buyers beginning to adjust to elevated mortgage rates, while low inventory spurs an increase in builder confidence despite growing recessionary fears, according to Christine Cooper, Chief U.S. Economist and Managing Director at

Read The Full Article...

The April jobs report was another upward surprise, with 253,000 jobs added and unemployment down to 3.4%, even lower than the 3.6% in April 2022, the lowest on record since April 1969, and not what the Federal Reserve is seeking. Last month also saw a 0.2% increase in average real hourly

Read The Full Article...

Hammes Partners has broken ground on Buckeye Medical Plaza, a 48,000-square-foot medical office building in Buckeye, Ariz. The project is slated for delivery in early 2024. The developer acquired the 4.2-acre development site last year in October. Wilson Property Services Inc. sold the parcel for

Read The Full Article...

Ashley Furniture Industries Inc. is moving closer to building a new 1 million-square-foot manufacturing and distribution facility in Avondale. The Wisconsin-based home furniture and decor retailer wants to develop two buildings including a 503,491-square-foot building with a mix of an 85,000-square-foot

Read The Full Article...

May 4, 2023

Maybe it hasn’t been as bad as it seems. An analysis by JP Morgan Chase shows that commercial real estate has remained resilient in the first half of 2023 and many of these categories have the wherewithal to continue to withstand recessionary and other headwinds. To be sure,

Read The Full Article...

Growth in consumer expenditures outweighed a contraction in private investment that was driven by a slowdown in inventory accumulation, helping the real gross domestic product grow by 1.1% annualized for the first three months of the year, according to the Bureau of

Read The Full Article...

GCON Inc., an Arizona-based, full-service construction management firm, is putting the finishing touches on a first-of-its-kind project in Arizona. Town Deer Valley, a 388-unit luxury multifamily development, is the first project in Arizona for the Related Group, one of the leading

Read The Full Article...

Apartment rents rose 1.7% in April, which is the lowest increase since March 2021 and falls below the average rate of 2.8% for 2018 to 2019, according to Apartment List’s monthly report. Month over month, national rents increased by 0.5%. Growth continues its deceleration, in other

Read The Full Article...

Prime, a global developer and operator of data centers, has announced plans for a $2 billion data center campus in Avondale, roughly 20 miles outside Phoenix.  The development will include five data center buildings spanning 1.3 million square feet, generating a total of 210 megawatts of

Read The Full Article...

May 3, 2023

A Houston-based multifamily developer is looking to build more than 600 apartment units in Gilbert. Developer Kaplan Multifamily is proposing the District at Cooley Station, which calls for multiple buildings that includes apartments and on-site retail. District at Cooley Station is set to

Read The Full Article...

Downtown Phoenix has become a hot spot for multifamily housing developments as more and more people look to live in or near downtown. Here are seven Downtown Phoenix housing developments that are currently under construction. True sustainable living will meet apartment living

Read The Full Article...