New data reveals that vacant offices in Phoenix and Tucson have led to more than $800 million in lost rent. That’s according to a new study from Switch On Business that analyzed office vacancy rates across America to reveal the true cost of vacant office buildings in major U.S. cities
It was standing room only Oct. 17 at the Arizona State Land Department, where three groups of homebuilders engaged in a bidding war. When the final bid was secured, 274 acres in the West Valley were acquired for $63 million. PulteGroup Inc. (NYSE: PHM) and
Seattle-based Amazon.com Inc. (Nasdaq: AMZN) has bought a 220-acre site in Laveen for a potential data center campus in Phoenix. Amazon acquired the site for $277 million in cash through its subsidiary Amazon Data Services, according to land records and Tempe-based real estate database Vizzda. It paid more
There has been an unfortunate inclination to look at commercial real estate and lenders in a homogenous blend since the beginning of the downturn in 2022. That isn’t the case, said MSCI in a report called, “The What and the When Matter for the Losses of
A Texas-based developer has proposed a 344-unit apartment complex near Interstate 17 and Dove Valley Road in north Phoenix, an area that is seeing explosive growth around the development of the Taiwan Semiconductor Manufacturing Co. campus. TSMC’s campus is across the
Blackstone shares surged to a record high Thursday after the world’s largest commercial property owner reported a better-than-expected third-quarter result and an improved real estate investment performance. The private-equity firm invested or committed $54 billion in the quarter, the highest amount in over
Whole Foods Market opened its latest Valley grocery store on Oct. 16 at PV, the $2 billion redevelopment project at the former site of Paradise Valley Mall. “We are thrilled to welcome the Paradise Valley community to this new larger space,” said Laura Kammerer, store team
2024 has been a turbulent year thus far as we have witnessed dramatic national and global events that may very well alter the course of history. During this past quarter alone: Two assassination attempts were made on a former U.S. President who is a major party candidate once again
7-Eleven is closing more than 400 stores in the United States and Canada, officials said, crediting fewer sales due to inflation and continued declines in cigarette sales. The 444 stores to close are among 13,000 stores the convenience chain has in the United States and Canada. A list of stores
As the outer edges of Mesa see a surge in activity with first-generation employment centers, residential communities, and retail and entertainment uses, the city is taking a close look at restoring some of its existing underperforming spaces
A Moody’s report has evaluated the steadiness of multifamily performance, continued but not increased stress in office, a fall in retail vacancy, and a cooling of industrial sector. After the highs and lows of the last few years, this sounds like a big reversion to perhaps what is a new mean. Overall, the September rate cut by
Totaling almost 65,000 square feet in seven leases, the new commitments highlight George Oliver’s sought-after design and development strategy, which has proven to attract tenants in a metro Phoenix office market that is otherwise experiencing a slow-though-steady
Tract, a developer of master-planned data center parks, recently announced its acquisition of a 2,069-acre land parcel in Buckeye. The land acquisition will be one of the largest data center parks in the United States, anticipating up to 20 million square feet of data center space across as many as
About 600 acres of prime land along Interstate 10 is being envisioned for a future mixed-use center with housing and commercial development. It will serve as an entrance into Casa Grande south of Phoenix. Phoenix-based Arizona Land Consulting paid $38.1 million in all cash for the
With all the talk of inflation, of labor markets, of interest rates — with that constant flow of numbers and projections and interpretations into the mix — there have been the monthly measurements. Is inflation back to the 2% goal of the Federal Reserve, which gets to decide how long interest rates remain
The cranes, visible from miles away, loom over a massive microchip “fab” taking shape in the desert near Loop 303 and Interstate 17. But far more is happening in the North Valley beyond the Taiwan Semiconductor Manufacturing Co. plant, the engine driving much of that
Predicting the potential impact of economic change on commercial real estate has become a larger challenge than usual. On the multifamily front, RealPage has said that recent economic developments “reflected positively” on apartment demand. Absorption in the third quarter was more than 192,000 units
Pharmacy giant Walgreens Boots Alliance plans to close roughly about 1,200 underperforming U.S. stores, including around 500 over the next year, as it joins other drug store chains and retailers downsizing their fleets to create more profitable brick-and-mortar footprints
A Scottsdale developer is planning a 23-acre project in Carefree that could bring more than 100,000 square feet of retail and restaurants to the town. The site, located at Cave Creek Road and Carefree Highway, is called Carefree Quarter, and had been planned for retail development since 2018. According to
Of the few dozen semiconductor suppliers that have expanded in Arizona in recent years, eight of those are planning to set up shop south of Phoenix in Pinal County. Arizona has landed at least 40 semiconductor expansions, including suppliers, since 2020 to support
Consumer resiliency has helped drive core retail sales to a new record in August, with spending up in real terms even after factoring in core CPI inflation. This strength helped drive tenant demand, and the retail sector entered the second half of 2024 as the only major CRE property type with a
The total metro Phoenix office market vacancy rate decreased by 10 basis points during the third quarter to 25.1%. This marks the first decline in local vacancy rates in almost five years. Per the JLL report, vacancy and availability rates in the metro Phoenix office sublease market were
Z Modular, a division of steel manufacturer Zekelman Industries, has acquired 20.45 acres of land in Arizona’s San Tan Valley for $14.4 million, or approximately $705,770 per acre. Z Modular is a development company specializing in modular housing construction that plans to self-develop a
Chicago-based Belgravia Group Ltd., which made its Phoenix debut with a $100 million condominium community in north Scottsdale, is preparing for its second project right across the street. Its first 112-unit project, called Portico, sold out in March, said Belgravia CEO Jonathan McCulloch. Plans are now in the
What happens to CRE cap rates when the 10-year Treasury yield changes? According to a CBRE Econometric Advisors review of data since 1995, there are some relationships over time with variations by property type. On average, for every 100 basis points