DAILY TOP 5

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

All of the big computers and related equipment that businesses rely on to manage their operations have to go somewhere, and they are increasingly being installed around metro Phoenix. Metro Phoenix now ranks first in the western United States and second nationally for data

It’s not quite “Don’t Worry, Be Happy,” but a new note from CBRE emphasizes that multifamily problems will eventually end. “Markets are never static and strong rent increases are likely to resume in traditionally higher growth cities as excess supply is absorbed,” they wrote

Guests are already checking into the Caesars Republic Scottsdale. The new 11-story, 265-room hotel on the north side of Scottsdale Fashion Square mall held its grand opening party on Feb. 29, before it officially opens to the public on March 6. Macerich Co., the owner of the

Arizona Attorney General Kris Mayes filed a lawsuit Wednesday against software company RealPage and nine residential landlords, alleging they engaged in a massive conspiracy to price gouge at least 100,000 renters in Phoenix and Tucson. RealPage sets prices for apartment units

Here’s what to expect in the economy in 2024 at the state level and at the national level. First, good news is coming out regularly regarding the national economy. When the Fed first increased rates in March of 2022, most analysts expected the economy would spiral into recession

Residents across Phoenix have flooded local stores, driving retail properties to their lowest vacancy rate in four decades. Overall vacancy in the Phoenix retail market has fallen to 4.8 percent, the lowest since the early 1980s, AZ Big Media reported, citing an analysis by Velocity Retail

Multiple measures show increased delinquency rates in commercial real estate collateralized loan obligations, better known as CRE CLOs. While office property leads with the highest proportion of distressed loans, multifamily real estate shows the greatest distress by dollar amount

Steelcase Inc. will shut down its large distribution center in Southern California and relocate its regional operations to a smaller building in metro Phoenix. The Grand Rapids, Michigan-based manufacturer of furniture for offices, hospitals and schools has signed a lease for a 211,360

Grocery retail investment volume experienced a significant decline in 2023 that was felt among all core real estate property sectors. A new report from JLL suggests a reversal of fortunes in 2024. Grocery retail properties benefit from anchor tenant stability, favorable lease terms, and a

The Phoenix Metro region started 2024 with the most industrial space under construction, two reports show. And while one study, by Transwestern Real Estate Services, warns that “it might take a while for the market to catch up and that will translate to some volatility for industrial

After seeing the highest inflation rate in the country, Phoenix inflation has slowed compared with rest of U.S. and Phoenix inflation is also below comparison metropolitan areas. The Consumer Price Index for All Urban Consumers (CPI-U), often referred to as CPI, serves as an