August 12, 2021

The multifamily market experienced considerable strength in the second quarter, with anticipation of continued demand in the third quarter, according to CBRE Research’s latest U.S. Multifamily Figures report.The industry saw a net absorption of 179,400 units, the highest second quarter total in

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IDM Companies announced construction has commenced on a 476-unit multifamily apartment community in Queen Creek, Arizona. IDM was drawn to the site due to the number and quality of nearby retail amenities, central location in Queen Creek, and opportunity to provide additional multifamily housing in this

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A 62 acre parcel near State Farm Stadium and the future Crystal Lagoons Island Resort could soon be the site of a new, office-anchored mixed-use development, after the Glendale City Council voted Tuesday to enter into an agreement with Plaza Cos. to collaborate on the project.The final vote on the

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Assuming that the economy continues to recover and job numbers keep improving for the rest of 2021, borrowers should have access to plenty of commercial bank debt at competitive rates, even as lenders remain cautious.“I’m not seeing any indication yet that the second half should

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August 11, 2021

According to a new report from RealPage, the leading provider of software and data analytics to the real estate industry, effective asking rents in Phoenix grew 3.4 percent in July, the second largest monthly hike in the nation. That big Phoenix apartment rent monthly increase took rents up 21.6 percent year-over-year, the largest

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Phoenix has always been known as a small business powerhouse. Apparently the smallest of the small are becoming a big economic engine for the region.In Phoenix, the number of so-called microbusinesses grew 65% from the first quarter of 2020 to the first quarter of 2021, the 10th largest gain in the country, according to the

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Cresset Real Estate Partners and Clarius Partners have closed on the land acquisition for 303 Crossroads, a 1,758,410 square foot logistics development in Glendale, Arizona.The project will consist of two buildings to be built across two phases on land fronting Loop 303 and Northern Parkway in Glendale. Building one will be

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From getting back on track at the end of 2020 to strong growth in 2021, according to the National Multifamily Housing Council, the ability to raise rents has been on a recent tear in multifamily.But how long can that keep going?Several factors have supported the rise. One is historically high costs of

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FanDuel’s downtown Phoenix sportsbook at Footprint Center, home of the Phoenix Suns and Mercury, will be ready for gamblers on Sept. 9, according to the company that is scrambling to finish construction and licensing by the kick off date.Sports betting was.

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August 2, 2021

On August 1, 2021, the CDC eviction moratorium should no longer bar landlords from evicting tenants. By virtue of the expiration of the moratorium, we anticipate that many justice courts in Arizona will be handling a backlog of landlord/tenant issues. After all, there were various laws that

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A Canadian-based company will locate its U.S. headquarters in Mesa. The move adds to the region’s growing reputation as an electric vehicle hub. Exro Technologies Inc. develops technology that expands the capabilities of electric motors, generators and batteries. The company plans to

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KORE Power, Inc. announced today the first lithium-ion battery manufacturing facility wholly owned by a U.S. company will be built in Maricopa County. “Arizona is thrilled to be selected as the home of the country’s first U.S.-owned lithium-ion battery manufacturing facility,” said Governor Doug Ducey.

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Phoenix-based GO Industrial has embarked on its first metro Phoenix development, purchasing 77 acres in the West Valley submarket for the development of GO | 99. The new project will total three buildings and over 1.2 million square feet in one of the nation’s most

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In hindsight, hints that real gross domestic product would grow below projections were brewing based on recent inflation reports. After all, the “real” in real GDP implies that nominal output is deflated by the rate of inflation. Last week, the Bureau of Economic Analysis reported second-quarter growth of

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July 30, 2021

While Phoenix employment typically contracts during the summer months, payrolls in the market expanded by 5,200 jobs, according to the latest data from the Bureau of Labor Statistics. The monthly job gain is up from the 2,400 jobs that were added in May, but June’s growth is down from more-impressive gains

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The worst may actually be behind us for lumber prices, CoreLogic Construction Expert Glenn Bearden said in a recent company podcast.US lumber prices were up 54% year over year as of the second quarter, but Bearden asserted the market forces and human element that combined for a

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MLILY, the retail brand of Healthcare Arizona LLC, a venture of China-based Healthcare Co., Ltd., has signed a lease for 1,253,382 square feet of industrial space at the Glendale 303 “G303” project. The industrial park is situated in Glendale, AZ along the booming Loop 303 corridor and being developed by

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Phoenix investors had a significant impact on the housing market in April, taking away 429 units of inventory. Nationally, investors took more inventory off the market than they contributed in April; with their purchases representing 5.7% of all home sales. Despite the common perception that

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Phoenix-based GO Industrial bought its first parcel of land in the Valley and is planning a 1.2-million-square-foot industrial project. The firm closed on 77 acres at the southeast corner 99th Avenue and Buckeye Road, south of I-10, for $23.55 million, according to real estate database Vizzda. The project, called

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July 29, 2021

The recovery from pandemic disruption in the commercial real estate market has advanced more rapidly than industry experts expected and is gaining speed even as variants of COVID-19 loom as a potential threat. The amount of property distress is fading much faster than the market saw

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After a search that lasted more than two years and included over 300 sites in 20 different states, KORE Power Inc. will build its manufacturing facility in Buckeye, where it expects to employ about 3,000 people. Coeur d’Alene, Idaho-based KORE had narrowed its selection to sites in Arizona, Florida and Texas before

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As was widely expected, the Federal Reserve’s Open Market Committee voted to maintain its current accommodative stance of monetary policy, according to its statement released on Wednesday. The Fed said it plans to keep short-term interest rates near zero and continue its monthly purchases of

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Hines, the co-developer of the speculative, Class A office development 100 Mill in Tempe, is planning a new, smaller office development down the street, near Tempe Beach Park.The project, called 250 Rio, is the next chapter in the firm’s “Tempe story,” said Brandon Dillingham, managing director of

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Fueled by fears of a continued rise in inflation, investors are aggressively bidding up apartment prices.  Nationally, the average apartment cap rates stand at 5.1%, but that’s for closed transactions, according to John Chang, senior vice president and director of research services at Marcus & Millichap.

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July 28, 2021

Commercial real estate in the United States should remain a strong investment choice as the nation emerges from a pandemic-induced slump, and it can be a good hedge for investors worried that rising inflation could dampen or even derail the recovery. That’s the argument of analysts at CoStar Advisory Services, who

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