It hasn’t been quick or easy to get office attendance rates closer to what they were prior to the pandemic, but workplace foot traffic is on a slow but steady climb. As more companies add stricter in-person mandates and adjust to longer-term flexible work policies, attendance rates
New dining experiences, much-needed housing and a neighborhood church: These are the elements of The Trailhead, a community gathering place for northwest Valley residents that has been seven years in the making. This morning, Peoria officials joined the Pederson Group and
Vertical construction is well underway on a new shopping center in Gilbert. The more than 20-acre site on the northwest corner of Power and Elliot roads will soon be home to a Fry’s Food Stores location. The major grocer confirmed to the Phoenix Business Journal on March 8 that
A new community in Surprise will sprout 795 homes with prices starting in the high $300,000s. Meritage Homes’ 227-acre development called Paloma Creek will also have the biggest amenity center it has built so far, with a pool, an outdoor kitchen, a playground, a fire pit, a
Mesa appears to be the latest East Valley community that will see an indoor pickleball complex. California-based Dink & Dine Pickle Parks last week announced plans to build its first “eatertainment” venue with indoor and outdoor courts and restaurants at Mesa Riverview, stating
The competition among grocers is growing even fiercer, with German discount supermarket chain Aldi planning to add 800 stores across the United States to its fleet during the next five years in a $9 billion expansion. Aldi, with domestic operations based in Batavia, Illinois, said Thursday
The Phoenix and Raleigh, North Carolina, retail markets were firing on all cylinders last year as they were the only major U.S. markets where annual asking rent growth exceeded 9% in 2023, earning them the top spots in the nation’s ranking. Though these two high-growth Sun
The city of Phoenix is moving forward with a major rezoning at the former Motorola and Onsemi manufacturing campus. Baker Development Corp., which has been working to redevelop the site for several years, received initial approval to rezone 67 acres from the Camelback East Village
Developers proposed a 178-acre data center hub with 11 buildings in southeast Mesa along Pecos and Crismon roads. The property owner Pacific Proving LLC submitted the preliminary paperwork to the city on Monday to develop the area as a data center and technology employment
The single-family home inventory grew nearly 8% in February compared to meager 2023 numbers, and the number of families closing on their new homes increased 1.5% so far this year compared to the same period last year, according to the latest Metro Phoenix residential housing
Construction is underway to bring more than 900,000 square feet of commercial real estate and housing to a corridor of northern Peoria known for its mountain views and hiking paths. Peoria officials and local businesses joined the Pederson Group, a Phoenix-based retail developer
It’s good news, with a touch of uncertain caution, in Federal Reserve Chair Jerome Powell’s delivery of the central bank’s semiannual monetary policy report to Congress on Wednesday. Starting with the upside for once. “We believe that our policy rate is likely at its peak for this
Annual commercial real estate sales activity fell to a nine-year low in 2023 as higher borrowing costs and downshifting property performance hampered deal flow. About $8.9 billion worth of Phoenix apartment, retail, office and industrial assets traded hands last year, marking
Whole Foods Market Inc. is introducing a new type of store with smaller footprints — think Trader Joe’s — designed for urban neighborhoods. While the stores won’t be as small as bodegas, Austin-based Whole Foods Market — bought by Amazon.com Inc (Nasdaq: AMZN) in 2017
A big chunk of southeast Mesa land could be home to a new data center campus. Pacific Proving LLC, a prominent Mesa land owner, is proposing to annex, rezone and gain site plan approval to develop 178 acres at the northeast corner of Crismon and Pecos roads to create the
There was noted heavy demand for more space during the heights of the pandemic. When offices and schools were closed, along with cafes, libraries, and other places that might offer a place to work or study, people looked for larger living spaces. That could be purchasing a house
Everyone needs to chill out about the commercial real estate market. That’s according to a portfolio manager at Brandywine Global. In an interview with CNN, Tracy Chen said much of the recent hand-wringing over the commercial property sector is overblown. “If we are at the peak
In a significant turn of events, Macerich Co., in collaboration with Phoenix-based Red Development, has resubmitted plans for a mixed-use tower at the Biltmore Fashion Park, located at the prime intersection of 24th Street and Camelback Road. This move comes less than two weeks
New dining experiences, much-needed housing and a neighborhood church: These are the elements of The Trailhead, a community gathering place for northwest Valley residents that has been seven years in the making. This morning, Peoria officials joined the Pederson Group
As this year’s spring home-buying season approaches, homeowners and renters remain reluctant to move due largely to the rise in interest and mortgage rates over the past two years. Despite hopes of rates easing late last year, recent data shows that little has changed in this frozen
The nation’s largest supplier of residential building products is reporting products such as lumber are showing signs of growth after a weakened housing market hurt the company’s bottom line last year. bExecutives at Builders FirstSource, based in Irving, Texas, told investors that building products such as lumber and
Expect continued resilience but on a muted scale for industrial assets in 2024, according to Newmark, which said in a recent report that economic uncertainty continues to exert pressure on consumers, developers, occupiers, and investors. “Unpredictability in the global supply chain will
A strong jobs market has boosted Yardi Matrix’s forecast of apartment rent growth in 2024. The analytics firm reported Thursday that multifamily asking rents broke the five-month streak of sequential average declines in January, rising 0.07%. Of the 142 markets tracked, 61 posted declines in
The Federal Reserve’s Monetary Policy Report to Congresscomes out twice a year. The first one for 2024 suggests a number of things. Two of note for the commercial real estate industry: CRE remains a factor in continued risk to the banking system and interest rates aren’t coming down until
Taiwan Semiconductor Manufacturing Co. (NYSE: TSM) has inked a lease agreement for an apartment community near its $40 billion semiconductor campus in north Phoenix. An entity tracing to Ideal Capital Group paid $108 million to an entity tracing to Houston-based real estate firm Hines for