February 11, 2021

A shift in renter preference toward larger bedroom units since the onset of the pandemic has created a disconnect between new supply and demand, at least in the near term. The change in preference toward larger bedroom units has similarities to previous downturns, but the pandemic has also created

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Metro Phoenix ballparks are preparing for spring training baseball to start on schedule, despite pleas from the Cactus League and a coalition of Valley mayors to delay the season’s start. After the Cactus League and Valley mayors sent a letter to Major League Baseball

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February 10, 2021

While many industry sectors across Arizona and the U.S. have taken devastating hits during the prolonged COVID-19 pandemic, the state’s land market and housing market have shown incredible resiliency and more impressively, growth. The 2021 Phoenix MSA population estimate is 5 million

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The most recent National Multifamily Housing Council Rent Payment Tracker showed an increase in the number of apartment households that made a full or partial rent payment since January. The NMHC found that 79.2% of respondents in its survey of 11.6 million units made a full or partial rent payment

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Epicenter, a high-end mixed-use development under construction in Gilbert, has signed seven new restaurant, retail and lifestyle tenants that will open up within the next year. The 300,000-square-foot, 320-unit multifamily housing project with 49,000 square feet of retail space is being built in the Agritopia

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In what could emerge as competition for the Talking Stick entertainment district, a Scottsdale development company has partnered with the Gila River Indian Community to develop a 3,300-acre sports and entertainment complex at Wild Horse Pass near Chandler. Sunbelt Holdings President John Graham told the

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Simon Property Group chief executive David Simon says he’s bullish on leasing in 2021, but cautions it will “take some time” to return to heady pre-pandemic levels. In the REIT’s fourth quarter earnings call, Simon said the REIT has built in a reserve—though he declined to provide a specific number

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February 9, 2021

Green Street has encapsulated two major trends driving the office sector right now to provide a tangible (and grim) number for office demand post-COVID: -15%.COVID-19 has wrought a slew of changes to the sector, with social distancing stabilizing densification, or less square feet per worker, a trend

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Nonprofit Banner Health is investing nearly $400 million in expansion projects already underway at Banner Desert and Banner Gateway medical centers in the East Valley. Both projects include increased services and space for women and infant care. On the Banner Desert campus in Mesa, the expansion

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The technology sector of metro Phoenix could get a major boost if Samsung Electronics decides to locate a $17 billion semiconductor plant here. The South Korean maker of cellphones, computers, televisions, appliances and more is considering sites in the Valley as well as Texas, upstate New York

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Discount grocery chain Aldi is set to open its fourth Valley location on Feb. 15. The company, which opened its first locations in Phoenix in November 2020, is slated to open a new store in Gilbert at 1801 Pecos Road next week, Aldi announced Tuesday. Aldi initially announced that this store would open

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Multifamily fundamentals are expected to stabilize as soon as the second quarter of this year, according to new research from CBRE.  In a new report, the firm says it expects “steady market recovery” through the second half of 2021. Net absorption for multifamily during the fourth quarter of 2020 totaled

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February 8, 2021

Neither COVID-19 nor the big job losses tied to it are slowing rising housing costs in metro Phoenix. The median home price is poised to hit a new record, and rents climbed faster here than in many other big U.S. cities in 2020. Home prices and rents kept climbing as the Phoenix area lost more than 51,000

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A lot of markets got crushed during the Global Financial Crisis. Many of them had a run-up in both housing deliveries and subprime loans in the mid-2000s. When the economy crashed, they got hit exceptionally hard. But now, in the COVID crisis, these markets like Atlanta, Phoenix and a number of Florida

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The Sun Belt region has a sunny post-pandemic economic outlook, but some cities may shine brighter than others when it comes to future apartment demand, according to Camden Property Trust. The Houston-based apartment REIT, with more than 45,000 units nationally, is most optimistic

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Over the course of three decades, the East Valley town of Gilbert went from what people then described as “nothing but jackrabbits and rattlesnakes,” to the place where international companies chose to locate and hire thousands of people. The growth has been due in part to extensive preplanning

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Nationwide, 27.8% of Redfin.com users looked to move to another metro area in 2020, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. That’s up from 25.5% in 2019, a 9% year-over-year increase. The increase is driven by people leaving

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Lease renewals accounted for 70% of office leasing activity in the US in 2020, a significant uptick from 2019 levels. A JLL report released this week reveals that most companies are adopting a wait-and-see approach to lease strategies as COVID-19 continues to throw a wrench into planning. Generally

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Arizona’s largest homebuilder is back in Casa Grande. After exiting the market during the Great Recession, Miami-based Lennar Corp. (NYSE: LEN) on Feb. 4 paid $6.78 million to Dolphin Partners for 115 finished lots in Casa Grande, according to Tempe-based Vizzda LLC real estate database

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The future is discount and digital for Nordstrom, one of the few legacy department store companies to avoid filing for bankruptcy protection during the coronavirus pandemic. The company, based in Seattle, plans to reposition its off-price brand Nordstrom Rack store fleet by turning some locations into

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Boston-based Taurus Investment Holdings LLC has made its Arizona debut with the purchase of two apartment communities in the Valley. The private global real estate investment firm just paid $56.4 million for the 240-unit Indigo Springs apartments in Mesa, on the heels of the $24.95 million acquisition

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February 4, 2021

While the second stimulus gave the US economy essential support, John Chang, SVP and director of research services from Marcus & Millichap says a third stimulus is even more important. “If a third round of stimulus is passed, that’s good for real estate,” Chang said in a new video. “If a third round of

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After the pandemic slashed net lease sales in the Spring, the market really came on in the end half of the years. BJ Feller, managing director and partner for Stan Johnson in Chicago, Ill., expects that momentum to continue in 2021. “We believe that 2021 will be a year that is incredibly similar to

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State legislators have introduced bills to spur the development of affordable housing units in Arizona, offering a tool that could ease the growing burden of housing costs for residents. Rep. Regina Cobb along with Sen. David Gowan, R-Sierra Vista, introduced legislation  offering state

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A California-based fast-casual hamburger chain has secured two new future locations in Tempe and Phoenix. The first Farmer Boys restaurant is already under construction and slated to open next month at the new City Gate Marketplace in Gilbert, but the chain announced Tuesday it will be

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