As expected by virtually every expert that GlobeSt.com has heard from for weeks, the Federal Reserve’s Federal Open Market Committee (FOMC) announced that it would raise the benchmark federal funds rate range 0.25 percentage points to 5% to 5.25%. Given the three bank failures in
The Lodging Industry Investment Council’s annual forecast of lodging investment trends and challenges reveals that debt uncertainty is chief among concerns in the next 12 months. Mike Cahill, LIIC co-chairman and CEO and founder of Hospitality Real Estate Counselors, produced this year’s
Yet another Valley surf park has received approval to move forward in the development process. Gilbert Town Council on Tuesday evening approved a pair of amendments, including one involving water usage, that will allow Cactus Surf Park LLC to push ahead to secure building permits later this year. Cactus Surf Park intends
The overall multifamily vacancy rate increased by 30 basis points quarter-over-quarter in the first quarter to reach 4.9%, according to CBRE. This was less than the 70-bps increase in Q4 2022 and the 90-bps jump in Q2 2022. At the same time, CBRE expects that absorption in the
Greater Phoenix is in hot demand by industrial tenants, which has resulted in record low vacancy levels, rising rates in rents and a flurry of new construction. According to the first quarter 2023 report released by Colliers in Arizona, rental rates have increased 31.4 percent in the past
Early signs show that the new real estate strategy being deployed by Sprouts Farmers Market Inc. (Nasdaq: SFM) is paying off. The company announced its first quarter earnings Monday with positive results, some of which are due to its new stores and new store format,
Executives for commercial real estate brokerage Colliers said they now expect declines in sales and financing to last through the end of the year amid concerns about limited debt availability and property valuations. The Toronto-based firm’s revenue fell 3% to $966 million in the first quarter of the
The overall CRE market performance continued to head down in March 2023 according to the latest CoStar Commercial Repeat Sale Indices (CCRSI). But the overall move masks the individual differences that might be important to investors, owners, and developers at the moment. CoStar tracks properties through
Since 1983, GlobeSt. Real Estate Forum has recognized a growing number of female CRE professionals for their remarkable achievements. Once again, GlobeSt. has collected nominations across various categories, spanning the entire commercial real estate spectrum, in effort to shine a light
In a signal of the Phoenix metro’s growing presence in the automotive and semiconductor industries, more than 60 companies in those sectors — mostly from Taiwan and Singapore as well as Japan, New Zealand, Switzerland and Ireland — converged in the Valley in the past week to learn
The nonprofit organization that owns Legacy Park, the massive sports complex in east Mesa, announced Monday it was filing for bankruptcy protection, further clouding the financial picture of the park that has brought in millions of athletes and visitors, but not enough dollars. In a news release,
Institutional investors are sitting on the sidelines of the commercial real estate investment market, but they are not backing away from the asset class entirely. Instead, they are waiting for the investment sales climate to become less volatile and for asset prices to fall,
An apartment real estate investment trust critical of the eviction moratoriums instituted during the pandemic reported that its bad debt has dropped faster than expected this year now that the emergency bans have been lifted. Bad debt caused by non-payment of rent at properties owned by
This is a day of good news on the inflation front that may not matter to the Federal Reserve, at least for now. First, compensation costs for private workers were up a seasonally adjusted 1.2% for the first quarter of 2023, according to the Bureau of Labor Statistics. Wages and
Urban Outfitters has found industrial space in the East Valley to serve its retail stores. The Philadelphia-based company will move into a newly built, 190,000-square-foot building at Warner Commons in Gilbert. It will occupy about 130,000 square feet, said Stein Koss,
In an effort to consolidate the Loop 202 South Mountain Technology Corridor, the City of Phoenix has approved infrastructure cost reimbursements, totaling $20 million, for two development companies which will bring new industrial projects in the area. Under the terms
Phoenix is spending almost $30 million buying up property in west Phoenix to lift residents out of poverty and to give a much needed facelift to the 27th Avenue corridor. Two former motels and a vacant K-Mart building at 27th and Northern avenues just west of
As the semiconductor manufacturing buildings go up, the suppliers move in. Edwards, a British company that helps to keep clean rooms and other manufacturing areas pristine, has opened shop in Chandler, the latest in a string of suppliers and contractors jockeying to serve
One of the final pieces of a major community in Peoria is slated to start construction next year and will feature a new commercial core across 320 acres. The site is being branded as Five North at Vistancia, a high-quality lifestyle hub featuring a main street restaurant and retail corridor with
Miami-based Lennar Corp. (NYSE: LEN), which sells homes for an average of $515,000 in metro Phoenix, is introducing a more affordable home design that starts in the low $300,000s. The homebuilder is launching a new series called Premier Homes, addressing the need for first-time
The first quarter of 2023 was a disappointment by broad economic measures. The consensus 2% real GDP growth expected by economists polled by Dow Jones instead was 1.1%, according to the Bureau of Economic Analysis. That’s also the second consecutive quarter of declining growth,
The nation’s retail real estate sector might not be thriving, but right now it’s showing broad strength, with falling availability and steady absorption, helped by a development pipeline described as “muted,” according to newly released first-quarter figures from CBRE. Less-welcome news is
In the wake of failures of Silicon Valley and Signature banks this March, media outlets have been awash with speculation that the regional bank sector, and with it, commercial real estate, were headed for a crisis similar to the one seen during the Great Financial Crisis (GFC). Such takes might get
Trammell Crow Company (TCC), a global real estate developer, and CBRE Investment Management, on behalf of a separate account client, have acquired a 192-acre development site in Mesa, Arizona. The master site will be divided into ‘shovel-ready’ lots that will range from 12 acres, up to
No one is quite sure what will happen when the wave of CRE loan maturities start to come due this year and into the next few. Aaron Jodka, Colliers’ research director of U.S. Capital Markets, has his theories though. He believes that banks and other lenders may be willing to renew