August 20, 2021

Rents grew 9.2% year-over-year in July, pushing beyond pre-pandemic levels, according to the July 2021 Zillow Real Estate Market Report.The monthly increase in the Zillow Observed Rent Index (ZORI) was the fastest observed by Zillow, which has been tracking data since 2015. In addition, Zillow estimates that

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Another “industrial park” is headed to Mesa.Where others have been small, medium and large, this one might be called “jumbo.”Picture 100 acres of farmland.Now picture those same 100 acres, covered with six “industrial” buildings.It’s a big, big project backed with big, big money:According to

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Phoenix-area home prices hit another record in July, though some relief for buyers could be coming.The Valley’s median home price climbed to $405,000 last month, according to the Arizona Regional Multiple Listing Service. That’s up from about $400,000 in June and $315,000 in July 2020. But the area’s median is

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Fannie Mae’s Economic and Research Group on Thursday said its full-year 2021 real GDP growth forecast was revised modestly downward. That’s due partly to the expectation that COVID-related disruptions to consumer spending and supply chains will more greatly hinder economic activity in the 

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August 19, 2021

The share of home sellers with price drops has now passed the 5% mark, according to a new report from Redfin, the technology-powered real estate brokerage. This is the highest level this measure has reached since late 2019 and it is still climbing during a time of the year that is usually relatively flat.That said, home prices are

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Toll Brothers Inc. (NYSE: TOL) is moving quickly on its latest project that will bring more apartment units to the Valley.Through its Toll Brothers Apartment Living rental subsidiary, the Pennsylvania-based luxury homebuilder is already going vertical with construction on a 403-unit luxury apartment community in central

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The parent of Chili’s plans to ramp up its restaurant development pipeline that was essentially on hold in the pandemic, looking to get its annual openings to at least 20 nationwide starting by 2023.At the same time, Dallas-based Brinker International is doubling down on delivery and other off-premise

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Construction is underway on a 98,465-square-foot industrial property at Hawes and Ray roads in Mesa, Arizona.The industrial property is being developed on a speculative basis with all rentable space available for lease at the time construction began, according to CoStar data. No asking rental rate was

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Despite all the talk of hybrid work, at least one study shows that companies are pushing for a total return to the office.In a survey of more than 2,800 senior managers in the US from Robert Half, 71% of respondents said they would require their teams to be on-site, full time once COVID-19-related

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August 18, 2021

Target Corp. executives said the company might reach annual sales of $100 billion for the first time in its history, and the chain plans to spend some of that windfall on its property.To keep gaining ground, CEO Brian Cornell said Target is going to put money into its bricks-and-mortar stores in the form of renovations.

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With COVID-19 largely (hopefully) in the rearview mirror, capital is pouring into real estate funds at a level comparable to pre-pandemic levels, and even exceeding that for certain property types.The investment strategies being pursued by much of this capital will be different than in years past, and the

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The June single-family rent increase of 7.5% was the highest year-over-year hike since at least January 2005, according to the CoreLogic Single Family Rent Index.The increase was also five-times that of the hike a year earlier. Rent growth is running well above pre-pandemic levels when compared with

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Fitzsimons Innovation Community recently broke ground on a new cell and gene therapy manufacturing building at the 125-acre science and technology campus in Aurora, CO. Bioscience 5 will provide 90,000 square feet of flexible space designed to cater to life sciences.Bioscience 5 will be

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The Novus Innovation Corridor, which will eventually include 355 acres of mixed-use development on the northeast side of Arizona State University’s Tempe campus, is well into the third phase of development, and several new buildings are going to start taking shape soon in the corridor.At a luncheon Monday hosted by

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August 17, 2021

Hines, the international real estate firm, has reached an agreement with Array Technologies for a 28,608 square foot lease at its Chandler Viridian office development.Albuquerque-based Array Technologies, which just announced a capital infusion of $500 million from Blackstone, is relocating from its current Chandler office and will lease

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The apartment investment market in Phoenix is surging so strongly, multifamily executive David Fogler said there’s an unexpected reason he can’t single out one deal that symbolizes the high demand. Nearly every multifamily property that hits that market these days is attracting unprecedented interest and a high price, said Fogler,

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A national recreational vehicle company recently paid more than $16 million for a 170,625-square-foot facility it was leasing and an addtional 5.6 acres of land in Surprise as demand for RVs has continued through the Covid-19 pandemic across the country. Lewisville, Texas-based National Indoor RV Centers, which has five

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Lincoln Ventures recently grabbed headlines when it bought a .63-acre parcel of land in Downtown Phoenix for $5,380,000 in order to build Moontower PHX, a proposed 24-story, 460,036-square foot apartment building. The first floor will contain office and retail office components, floors two through eight will be a parking garage and floors nine-24 feature apartments. There will be 326 total units. But that’s not

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Industrious — the highest-rated workplace provider in the industry — today announced its partnership with Holualoa Companies to operate a flexible workplace at Camelback Collective (2810 E Camelback Road). Now open, Industrious Phoenix Biltmore spans nearly 32,000 square feet across the building’s entire second floor and is Industrious’ first location in Phoenix, joining nearby locations in both Tempe and

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August 16, 2021

An investment fund created by HGTV star Tarek El Moussa and Scottsdale, Arizona-based Hanson Capital Group has acquired a 45-unit apartment complex in central Phoenix. The fund purchased Element on 38th at 2931 N. 38th St. for $5.8 million, or $128,889 per unit,

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Malls “have essentially fully recovered” to post-pandemic levels, according to a new analysis of the top performing indoor and outdoor shopping centers across the US.Outdoor shopping centers posted a 2.1% increase in monthly visits in July as compared to the same period in

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Leading multifamily developer Optima announced today that the latest tower within its $500 million Optima Kierland development, 7180 Optima Kierland, has sold all 205 luxury condominiums.Since sales for the tower began in January 2019, the community has been selling at a rate of 6.7 homes per

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On behalf of Baker Development Corporation (BDC), the Phoenix office of JLL has completed an 81-acre land acquisition for the development of a $150 million industrial park. Named Cactus 303, the project is poised to create hundreds of jobs within a Loop 303-fronting location in

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A drop in lumber prices has invigorated demand for commercial building projects, especially for multifamily product, Sherwood Lumber chief operating officer Kyle Little told CNBC last week. A drastic runup in lumber prices earlier this year created a challenging environment for builders, but the

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August 13, 2021

Maricopa County was one of five counties in the country to add more than 300,000 people between 2010 and 2020, and Phoenix was the fastest-growing large city in the country, increasing its population by 11.2%, according to U.S. Census Bureau data released Thursday.Phoenix, which added

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