February 9, 2021

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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Arizona Republican lawmakers are moving to lower property taxes on businesses. But the chief proponent told members of the Senate Finance Committee on Wednesday that it is being done in a way not to shift the burden to homeowners, and without reducing revenues available to

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February 3, 2021

Peoria may land its first full-service hospital nearly a decade after construction of one began, ran out of money and stood as a partially built skeletal framework for years. Demolition of the unbuilt eyesore began in late October, and a groundbreaking on the same site now is slated in April for the

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Global investment in commercial real estate rebounded at the close of 2020, up 84% from the previous quarter and totaling $290 billion, according to new research from CBRE. The activity was a good sign for recovery of the industry and returning demand; however, it wasn’t enough to offset the

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Supermarket giant Kroger Co. plans to build an $89 million warehouse in southwest Phoenix that uses robots programmed with artificial intelligence to fulfill online grocery orders for its Fry’s Food Stores outlets in Arizona. Kroger, the largest grocery store retailer in the United States, bought 57.3 acres at

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Phoenix is celebrating a banner year for the industrial market. In 2020, the market posted 13.9 million square feet of industrial absorption, the highest on record, according to research from Colliers International. Out-of-state companies and ecommerce growth fueled the market activity. Amazon alone

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When most people think of Arizona college towns, it’s Tempe, Tucson and Flagstaff that pop to mind. But in central and downtown Phoenix, a critical mass of higher education is taking place that is making the area one of the largest hubs of higher education in the state. Almost 15,000 students

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February 2, 2021

Across the country, office was among the hardest hit sectors during the pandemic, and Phoenix was no exception. Office leasing activity in the market fell by 58% in 2020, according to research from Savills. The vacancy rate fell by increase 110 basis points to 22.3%

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The housing market is looking extremely strong for the Phoenix area in 2021. Realtor.com’s most recent forecast predicts home sales in the Valley will jump 11.4% over last year’s levels, which is more than the national average. The combination of beautiful weather, prestigious restaurants

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Coworking giant WeWork announced to its members Tuesday that it will be vacating its location in Block 23 in downtown Phoenix on Feb. 26. WeWork began evaluating its entire global portfolio in 2019 — before the Covid-19 pandemic began

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Hines, the international real estate firm, today announced the structural topping out of Adeline, the new luxury residential high-rise community at the Collier Center in downtown Phoenix. Adeline will feature 75 studio, 179 one-bedroom and 125 two-bedroom

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The U.S. economy is expected to reach its pre-COVID-19 level by mid-2021, sooner than anticipated, and unemployment is poised to fall more rapidly as a result of a milder downturn and earlier recovery from the pandemic, according to the latest estimates by the Congressional

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