June 30, 2021

As the economy takes steps to recovery, the office sector continues to shift. Hybrid work scenarios and the yet unknown way companies will ultimately utilize office space are keeping investors in a holding pattern. Despite this wait-and-see approach, high-quality

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For a second consecutive week, U.S. hotel demand was at 90% or more of 2019 levels thanks to leisure travel, according to the latest Market Recovery Monitor from STR, CoStar Group’s hospitality analytics firm.Room demand for the week of June 13-19 topped 26 million room nights, which was

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Multifamily markets with a more educated tenant base posted weaker rent growth during the COVID-19 pandemic, as remote work opportunities remained concentrated among college-educated workers. In a new report, YardiMatrix senior analysts Ben Bruckner and Andrew Semmes note that

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The Phoenix metro is closing in on two uninterrupted years with the fastest-rising home prices in the nation, according to the latest S&P CoreLogic Case-Shiller Indices. The Valley’s home prices jumped 22.3% year-over-year in April — more than 2% higher than their rise in

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We’ve all read the headlines about the increase in home values across the country — Arizona in particular. But 28 Arizona cities have seen an increase in typical home value in excess of 20 percent over the last year. El Mirage leads the state with a 28.3% one-year increase in

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June 29, 2021

Against the backdrop of real progress against the pandemic and steady signs of economic recovery, new reports from both the CRE Finance Council and RCLCO show the extent of the CRE industry’s optimism about the next 12 months. The CREFC report covers two surveys of the

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Several of the nation’s largest banks said Monday that they would increase their dividends following the results of this year’s stress tests by the Federal Reserve Board. All 23 institutions that underwent testing remained well above their risk-based minimum capital

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A pair of global investment firms plan to focus on buying multifamily properties across the United States as larger, institutional players beef up their buying capabilities in a surging apartment market. Kennedy Wilson, an investment company based in Beverly Hills, California, is launching with

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Ask anyone who’s trying to buy a home these days, and you’ll hear that it’s really difficult. That’s due in part to a lack of inventory, but also to competitive mortgage rates that are fueling buyer demand and causing home prices to rise. But it’s not just homes available to

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The housing market is looking extremely strong for the Phoenix area in 2021. Realtor.com’s most recent forecast predicts home sales in the Valley will jump 11.4% over last year’s levels, which is more than the national average. The combination of beautiful weather, prestigious

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June 28, 2021

Consumer spending in the United States stayed flat in May, according to data released by the Commerce Department on Friday. But the details underlying the report point to a strong summer season for retailers, the travel industry and entertainment venues, as consumers

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While Apache Junction is making big strides to become “the next Mesa,” southeast Mesa continues to launch one huge project after another. Buoyed by the success of Eastmark and Cadence, a developer is launching another planned community that could bring another

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Fox Cigar Bar recently purchased a two-story warehouse in Tempe, which it plans on turning into its new corporate headquarters. Fox Cigar, which operates two cigar bars in Old Town Scottsdale and in Gilbert, purchased a 21,179-square-foot flex/warehouse building at

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Metro Phoenix’s median home price is poised to hit a record $400,000 in June, up almost $100,000 from a year ago. It’s become a bit of a broken record to report Valley home price records each month, particularly for buyers. But that’s the price forecast based on pending

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The housing market and homebuying demand continues to cool as mortgage rates tick up above 3% for the first time in 10 weeks, according to a new report from Redfin, the technology-powered real estate brokerage. The Redfin Homebuyer Demand Index—a measure of

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June 27, 2021

COVID-19 accelerated pre-existing trends in the retail industry, prompting changes in the way cities govern that will last far beyond the pandemic, according to the National League of Cities’ (NLC) new report, The Future of Cities: Reenvisioning Retail. The report’s analysis finds that retail

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For a second consecutive week, U.S. hotel demand was at 90% or more of 2019 levels thanks to leisure travel, according to the latest Market Recovery Monitor from STR, CoStar Group’s hospitality analytics firm. Room demand for the week of June 13-19 topped 26 million room nights,

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The cost of renting industrial and logistics properties has been going up nationwide, and few places have seen prices rise as much as the Phoenix metro. The Phoenix market came in at No. 11 in the nation after seeing a 12.1% year-over-year jump in base rents for industrial space, according to

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Yesterday, the Arizona Legislature passed the largest tax cut in Arizona history and Gov. Doug Ducey is expected to sign it soon. Here’s what it does: BENEFITS ALL TAXPAYERS: The average taxpayer will receive a 13% income tax reduction, saving about $350 a year. IMPLEMENTS THE LOWEST

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911 operators for Phoenix police could soon have a new home. The city plans to buy the Wells Fargo Plaza located just east of City Hall. The 27-story building at First Avenue and Washington Street is expected to house multiple city departments, including police headquarters. Current headquarters at

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June 24, 2021

Tight vacancies and high demand are sparking bidding wars for industrial space across the U.S., driving both asking and taking industrial rent growth to new highs, according to a new report from CBRE. Asking rents increased a record

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Menomonee Falls, Wisconsin-based Continental Properties has broken ground on its fourth apartment community in metro Phoenix. Called Springs at Eastmark, the 276-unit apartment community is expected to cost $59.5 million to build, adding to

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Legacy Sports USA announced today a new partnership with the Arizona Cactus Football League, agreeing to host all of its football games for the 2022 season at Legacy Sports Park, a 320-acre, multi-use family sports and entertainment complex that

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Earlier this year, national real estate investor and operator Waterton closed fundraising activity for a multifamily value-add fund with $1.5 billion in equity commitments from global institutional investors. Waterton launched the fund, known as

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July 4 may be independence day, but landlords were counting on June 30 to end the Covid-related housing eviction moratorium. Now they have another month to wait. The Centers for Disease Control announced an extension through July of

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