Closeout retailer Big Lots has struck a deal to be acquired by private equity firm Nexus Capital Management for $620 million as part of its bankruptcy proceeding and plans to move forward with a store footprint that’s “more focused.” The Columbus, Ohio-based buyer of
While positive economic indicators have attracted the attention of investor interest in the Arizona apartment market, they’re proceeding with caution. That’s because new supply is creating a softness in some submarkets, said Adam Finkel, co-founder and managing partner of
The fate of the iconic Heard Building, the first high-rise built in downtown Phoenix, is up in the air as the office sector continues to struggle following the Covid-19 pandemic. The owner of the Heard Building, an entity connected to national coworking operator
Commercial real estate debt delinquency rates continue to rise with the office sector playing a particularly strong role as its constituents work through bank portfolios, says S&P Global. The overall delinquency ratio for those loans increased quarter-over-quarter 16-basis points to 1.450%. That came from
In the first half of 2024, the Phoenix market saw 126MW of absorption, further solidifying its position in the elite rank of gigawatt-plus markets. Despite a slight slowdown in absorption due to supply constraints, the demand remains robust with tight vacancy at 1.3%. As interest in the
Following a weaker-than-expected jobs report, two Federal Reserve policymakers on Friday said separately that the time has arrived to begin lowering the benchmark federal funds rate. Federal Reserve Governor Christopher Waller and New York Federal Reserve President
The commercial real estate sector remains for the most part resilient and adaptable, as evidenced by a growing stability in property prices, according to Integra Realty Resources’ 2024 midyear report. While the office sector continues to
The gap between homeownership and rental costs has continued to widen during the second quarter, according to Newmark’s most recent multifamily capital markets report. The gap increased 26.7% year-over-year to $1,114. Meanwhile, MBA’s Mortgage Application Index, a housing and
The Arizona economy was solid through the first half of 2024. Job growth was strong, contributing to a record-low unemployment rate and a surge in the ratio of open jobs to unemployed residents. Income growth remained solid, with over-the-year growth outpacing
U.S. employers added a disappointing 142,000 jobs in August as hiring bounced back only partly after temporary hurdles curtailed payroll gains the previous month and sparked recession fears. And employment gains for June and July were revised down sharply, portraying an even weaker picture of the labor market in
The positive momentum that began in the first quarter for the apartment sector has largely carried forward into peak leasing season across most markets, according to a RealPage review of Q2 earnings reported by larger multifamily REITs. Apartment demand continued to be strong during
Putting World, an indoor, air-conditioned putting course in north Scottsdale, has been growing its business with both golfers and non-golfers over the past 18 months and is preparing to expand. The attraction, which is located inside a 25,000-square-foot space in the Promenade Scottsdale shopping center at
Right now, Americans are finding themselves navigating two different living situations: to buy or to rent. A significant portion of the U.S. population is renting for a longer period of time whether due to financial or personal factors. But in Buckeye, homeownership is
Job openings fell to 7.67 million in July, down 237,000 from June and the lowest level since January 2021, according to the U.S. Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey (JOLTS) report. Yields on 10-year Treasury notes, a barometer for mortgage rates, were down
U.S. home-price growth is predicted to finish this year at 4.7% before slowing to 3.1% in 2025, according to a quarterly survey of housing experts conducted by government-sponsored enterprise (GSE) Fannie Mae. The third-quarter 2024 survey polled more than
Commercial and multifamily borrowing and lending is expected to see a 26% increase from last year’s total of $429 billion. The Mortgage Bankers Association (MBA) in its updated baseline forecast is calling for the year’s total to be $539 billion. For multifamily lending alone, the MBA expects
For the last two years, many lenders, brokers, analyst firms, and other experts have warned about a coming CRE debt maturity wave. JLL has seized this wave and estimates that the total due by the end of 2025 is $1.5 trillion and that about a quarter, or $375 billion, will have a hard time refinancing. The basics have faced the industry for
After more than three years in the making, Cannon Beach has added a wave of new retailers as it prepares to open to the public. Cole Cannon, the developer of the namesake surf park in southeast Mesa, said power has recently been delivered to the site, which allows him to do
The record $4.2 billion generated, which is comprised of local, state and federal taxes, was a 7% increase over a record-setting 2022, according to data from the Arizona Office of Tourism. Tourism tax revenue supports services such
The cost of living has skyrocketed across the United States in recent years — and rising prices are weighing heavily on the minds and pocketbooks of American families. According to a recent survey conducted by the U.S. Census Bureau, more than
In line with last year’s trend, Phoenix has solidified its position as the leading market for industrial development in the country. The region’s growth is propelled by high-tech sectors, including semiconductor manufacturing and data centers, which are infusing
A record number of apartments were expected to be built in the U.S. this year, and a large portion will be in Phoenix. A new study shows that a record 518,000 rental units were expected to be completed by the end of the year, up 9% from 2023 and 30% from
Questions have been swirling for years surrounding BNSF’s massive proposed rail complex in metro Phoenix. The Texas rail giant is finally pulling back the curtain on its grand plans. The project, to be called Logistics Park Phoenix, will represent a $3.2 billion investment for
After a dismal spring and early-summer selling season, housing sales increased in July for the first time in five months. According to the National Association of Realtors, existing home sales rose 1.3% in July to 3.95 million units at a seasonally adjusted annual rate but are
After facing continuing headwinds at the beginning of this year, the hospitality market is seeing signs of momentum as business and group travel is balancing a pullback in leisure travel. Average occupancy in the first quarter was down more than 100 basis points from the