After rising and then moving sideways in recent months, inflation emphatically resumed its descent in October. Consumer price increases eased more than expected as falling gasoline and used car prices offset another rise in rent and a rebound in health insurance costs. An underlying
The Phoenix multifamily sector finds itself in a renter’s market as 2023 winds to a close. Phoenix rents have declined by 4.7% year-over-year, according to one recent study by ApartmentList. Rent prices dropped 1% in October, more than the national average of 0.7%. The drop brought
A 206-unit apartment complex under construction near the shuttered Metrocenter Mall will be one of the area’s first new housing developments in decades, ahead of the redevelopment that plans to bring thousands of housing units to the site. Scottsdale-based MK Company is developing
The Federal Reserve’s Board of Governors have made it clear that while they think the “banking sector remains sound overall,” there are problems, according to the November 2023 Supervision and Regulation Report. One of the troublesome spots they called out was bank lending to commercial
Metro Phoenix’s bioscience industry is expanding its physical footprint, improving Arizona’s healthcare capacity and growing the economy along with it. Cushman & Wakefield’s September Life Sciences Update shows that the Phoenix bioscience boom has attracted
The 3 Palms Hotel in Scottsdale, Arizona, along with the on-site 5,500-square-foot restaurant occupied by Gecko Grill, sold in October to California private investors for $23 million. The seller was a private individual also based in California. The 3 Palms Hotel was built on 2.9 acres in 1978 and
The Arizona economic development community has worked diligently in the past few years to attract massive projects such as LG Energy Solution’s $5.5 billion battery factory in Queen Creek and American Battery Factory’s $1.2 billion facility in Tucson. Doing so requires these professionals to show the
Concern over commercial real estate loans — particular, though certainly not limited to, the office sector — has been driving increasing degrees of uneasiness among bankers, regulators, and the CRE industry. Some new data is further stoking concerns. Delinquency rates for CRE bank loans
Several major economic development opportunities and jobs could come as a result of the overwhelming support the city of Phoenix received this week from voters for a fresh $500 million in general obligation funds. All four of Phoenix’s general obligation bond measures were seen
The fate of a highly anticipated, billion-dollar redevelopment project is in the hands of Scottsdale City Council. On Nov. 13, Council will consider approving a development plan and zoning district map amendment that would make way for “The Parque” – a mixed-use development at
Alta Warehouse District, a 300-unit apartment complex in downtown Phoenix, sold in October for $82 million, or $273,333 per unit. The buyer, Brixton Capital, is a privately held real estate investment company based in Solana Beach, California. It owns and operates a portfolio valued
Despite a noticeable drop in demand after a historic, record run recently, there are some real bright spots for the US industrial market, according to a new company news video from Marcus & Millichap. “We still see room for inventory growth in the mid to long-term just ahead, a big slowdown
After hitting a 40-year record high for completions of U.S. multifamily units this year at a projected 558,000, the apartment sector is expected to add approximately 440,000 units next year, a 21% pullback. Even so, the projected total for next year would be still elevated, and well above the
A planned $900 million media production campus with more than 50 soundstages near Phoenix received initial approval from regional planners as Arizona vies with other states to meet growing industry needs for movie and TV soundstages. The Maricopa County Planning and Zoning Commission
After a year of headwinds, some normalcy is returning to the technology sector as office leasing decisions are starting to be made in the Valley and beyond. CBRE Group Inc. recently published its “Tech 30” report, which measures 30 leading U.S. markets that have experienced the most tech
The vacant former Sears building at Desert Sky Mall has a new owner and a new future — as a Mexican music venue. The owners of El Capri, a popular Latin nightclub in Phoenix that has been in business for decades, bought the Sears building for $7.13 million, and plan to transform it
With transaction volumes down, price discovery largely missing, valuations heavily off, and a challenging interest rate environment, a natural question is when CRE markets would again pick up. Many in the industry have been talking for more than a year about all the capital sitting on the
The biggest U.S. homebuilder by volume is upping the number of homes it plans to sell over the next year despite higher mortgage rates and inflation cutting into its profits during its latest quarter. D.R. Horton expects to close on between 86,000 homes and 89,000 homes in its next fiscal year
Average asking rents in Phoenix declined 0.8% in October, marking the fourth consecutive month of rent losses and the largest monthly drop since the global financial crisis. After remaining flat through the first half of 2023, rents at Phoenix multifamily properties began falling in late summer
WeWork Inc. has designated a major downtown Phoenix office space as among one of nearly 70 leases in North America that the coworking giant is looking to terminate as part of its Chapter 11 bankruptcy filing. The locations were identified in a Nov. 7 court filing with U.S. Bankruptcy Court
Concerns about U.S. commercial real estate lending are everywhere. BlackRock thinks that borrowing costs will be 5.5% in the long term. Banks keep tightening lending standards, increasing the difficulty for many to get needed financing. And recently the Financial Stability Oversight Council
A development that will include the largest pickleball facility in Arizona and will be the future headquarters for USA Pickleball is coming to tribal land near Scottsdale. Pure Pickleball will partner with Scottsdale-based Caliber Cos. to develop the 11-acre venue, which will include 28 oversized
Phoenix is once again one of the hottest real estate markets in the U.S. as the region continues to attract new residents by the masses, according to a new Urban Land Institute study released this week. This year, Phoenix was ranked the second top market to watch for overall real estate prospects
The former owner of the NBA’s Phoenix Suns, Robert Sarver, is taking a contrarian view of the future of office space — despite its noted structural shifts in demand — with a newly launched firm to invest in office buildings in mixed-use environments being sold at a discount to historic
Greystar Real Estate Partners, a global leader in the investment, development, and management of real estate, including rental housing, logistics and life sciences, today announced that it has broken ground on City North Residential Phase II. “We are excited for our partnership with