July 21, 2021

Homebuilders are hungry for land in the West Valley as they work to build more homes when demand is at an all-time high. Scottsdale-based Meritage Homes Corp. (NYSE: MTH) just paid $14.75 million for 218 acres near the southeast corner of Citrus and Camelback roads in

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Phoenix-area law firm Faith, Ledyard & Faith has started construction on an office building that will include the firm’s new West Valley location in the fast-growing suburb of Goodyear. The law firm, based in nearby Avondale, is developing the Goodyear Professional Plaza, a

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With multiple new lease agreements secured over the past 60 days, Majestic Realty Co. continues to enhance its presence and fill its development pipeline with additional projects across the Phoenix Metropolitan area. Fueled by strong absorption and user interest throughout the market, the

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Office tenants in the Phoenix market committed to leasing about 2 million square feet of space in the second quarter of 2021, a 65% increase from the same period last year, showing signs that the office market could be bouncing back from the depths of the pandemic, according to

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July 20, 2021

Retail sales edged up in most categories in June and were up across the board on a yearly basis. That’s according to the National Retail Federation, which reported that June retail sales were up 0.8% from May and 12.1% year-over-year. (NRF’s calculation of retail sales which excludes

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With the easing of the COVID-19 pandemic and vaccinations readily available, more grocery shoppers feel comfortable returning to stores, a new survey by The Feedback Group showed. Over four times as many consumers plan to shop more often in a grocery store this year versus those who plan to

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Demonstrating seniors housing’s strong resilience from the COVID-19 pandemic’s adverse impacts, the vast majority of operators report pent-up investment demand and positive leasing trends in the first half of 2021, according to the CBRE U.S. Seniors Housing & Care Investor Survey. Survey respondents indicate

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Wespac Construction Inc., Phoenix, recently completed Cowden Logistics Center, a 285,131 square foot industrial space, developed by Trammell Crow Company and featuring Butler Design Group as the Architect. Cowden broke the record for the heaviest panel lifted in the U.S., as

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Claycorp / CRG bought 75.24 acres of land in Glendale for $20,483,546, according to the commercial real estate tracking website Vizzda. The price breaks down to more than $272,000 per acre. The land is located at the northeast corner of  Reems Road and Glendale Avenue in Glendale. The seller was

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July 19, 2021

The US median rent price rose 8.1% year-over-year and 3.2% month-over-month to a new high of $1,575 in June, according to the Realtor.com Monthly Rental Report. Forty-four of the 50 largest metros broke new records led by Riverside, Memphis, Tampa and Phoenix, which

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A pair of four-story hotels, one with a rooftop pool, were supposed to break ground in Peoria three years ago. Now, city officials are paving the way to turn the site into nearly 200 apartments. While plans for hotels on the southwest corner of 75th Avenue and Paradise Lane in the

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The city of Goodyear welcomes a new Class A office project underway as of June 2021. Faith, Ledyard, & Faith, PLC (FLF), established in 1979 and the largest full-service law firm based in the West Valley, announced their West Valley office location at Goodyear Professional Plaza, a

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The Greater Phoenix industrial market is setting records in many categories. Construction of new projects has hit a historic record with approximately 19.1 million square feet currently being built. Colliers in Arizona also reports that net absorption of industrial space has

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Hampered by labor shortages, rising material costs and government regulation, homebuilders are looking to Congress for ways to decrease the estimated “under-building gap” of 5.5 million homes and help with housing affordability. The National Association of Home Builders (NAHB) is joining the 

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July 15, 2021

While the COVID-19 pandemic may have curbed progress for a lot of businesses in the East Valley, construction showed no signs of slowing down. Massive multifamily housing communities, expansive business campuses, eye-catching mixed-use towers and luxury hotels are transforming the region’s skyline, and

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In the wake of the COVID-19 pandemic, Arizona’s two largest cities might be better places to live, relatively speaking. Both Phoenix and Tucson gained ground in the “best places to live” study from U.S. News & World Report. Phoenix rose 13 places to number 40 in the newly released study, while Tucson jumped to

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The United States experienced the largest quarter-to-quarter increase in construction costs from the first quarter of 2021 to the second, according to Rider Levett Bucknall’s quarterly cost report, which has been studying changes in construction costs for about 20 years. As a whole, the U.S. saw

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Phoenix moved up one spot to #17 overall on CBRE’s 2021 Scoring Tech Talent report as North American tech-talent employment weathered the pandemic better than most other professions. Numerous indicators underscore the resilience of tech talent during COVID-19. These occupations

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Investcorp has just completed a major apartment purchase. A fund managed by the company has acquired a five-property apartment portfolio totaling 2,228 units for a total of $420 million. The properties are located in Arizona, Texas and Georgia. This portfolio is part of an aggressive acquisition strategy the

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July 14, 2021

The five C’s of Arizona — copper, cattle, climate, cotton and citrus — have a long history of being the pillars that held up the state’s economy. Today, there is a new C that is driving the state’s growth: construction. After an initial dip in business during the first wave of

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Developers continue to roll out big plans for industrial construction on both the east and west sides of the Valley. In Mesa, a joint venture between Ryan Cos. and DWS is planning to begin construction in August on a speculative light industrial park called the Confluence at Mesa Gateway, which will

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Global investment firm KKR & Co. paid $150.5 million for a 332-unit apartment complex in Scottsdale, Arizona, the second-largest deal this year in Phoenix’s high-flying multifamily market. New York-based KKR paid $453,313 per unit for The District at Scottsdale, built in

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The people involved in this deal could not be more thrilled to recognize how monumental this announcement is for the town and the community. It will be a catalyst in attracting more people to the thriving real estate market in the east valley.

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The average asking price per square foot across all asset classes was stable in June, suggesting market growth will continue a consistent growth trajectory, according to new data from Crexi. The average asking price in June was down 1.52% over May numbers, though asking prices

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July 13, 2021

Despite countless factors working against economic development, Greater Phoenix continued to see growth over the past year. Thanks to its highly skilled, diverse workforce and pro-business climate, the Valley is a magnet for relocating businesses across the country, as well as

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