Multifamily performance remained strong in April, with rents rising for the second consecutive month. According to the latest Yardi Matrix National Multifamily Report, the average U.S. asking rent increased $6 to $1,725 last month. The year-over-year growth rate was flat at 0.7%
Starwood Property Trust CEO Barry Sternlicht, long a critic of the Federal Reserve’s tight monetary policy, blasted the central bank and Fed Chairman Jerome Powell again during the company’s first-quarter earnings call on Wednesday, which reported that Starwood beat earnings
Demolition of what once was a Motorola facility at 52nd Street and McDowell Road has commenced, making way for revitalization of this storied site in Phoenix. Located minutes away from Sky Harbor Airport, Arizona State University, Scottsdale and Downtown Phoenix, Dan Slack
In 2023, a few top metros for industrial deliveries emerged as the sector further displayed resilience and adaptability, fueled by the reshoring and nearshoring of manufacturing, increased construction spending and the lasting impact of e-commerce. These trends signaled a strategic
New Jersey-based Hovnanian Enterprises Inc. (NYSE: HOV) has filed a zoning request with the city of Scottsdale for a parcel of land that once was home to Rawhide Western Town and Steakhouse. After Rawhide moved to the Gila River Indian Community south of Chandler in
Vestar has announced plans to break ground this month on Phase 2 of construction at Vineyard Towne Center in Queen Creek, roughly 40 miles outside Phoenix. Upon completion, Vineyard Towne Center will comprise 260,000 square feet. Tenants at Phase 2, which is fully
The national average for apartment occupancy ticked up month-over-month to stand at 94.2% in April 2024, RealPage Market Analytics said Friday. Marking the first monthly increase since February 2022, the April average is a “mild” 10 basis points above March’s reading, according
The dream of home ownership has gotten even further away for renters, with higher housing costs and elevated interest rates standing in the way of the American housing dream, according to a New York Federal Reserve survey released Monday. The share of renters as
Arizona, over the past three years, has scored some huge victories in luring major semiconductor investments to the state, including a major Intel Corp. expansion in Chandler and the construction of three new factories in north Phoenix by Taiwan Semiconductor Manufacturing
Greater Phoenix has been posting record levels of industrial construction and delivery of new product has driven up vacancy levels in the metropolitan area, according to a report from Colliers. During first quarter, 9.7 million new square feet were completed and vacancy rose
According to industrial CRE giant Prologis, its Industrial Business Indicator Activity Index showed an April level of activity “consistent with demand generation, supported by macro data that reflects restocking inventories amid resilient consumption activity, although realized net
As the industrial real estate market in Arizona experiences a monumental transformation, it’s crucial for tenants and occupiers of space to understand how the current surge in new construction deliveries and ongoing developments can impact them and their real estate strategy
Home sales in the Phoenix-metro area saw a decrease in March, but Phoenix REALTORS data still shows bright spots for both availability and home prices. This comes against the backdrop of robust existing-home sales across the United States, which last month exceeded economists’
Salt River Project Agricultural Improvement and Power District has purchased more than 96 acres in Laveen Village in Arizona for $46.3 million, or $479,444 per acre, from Leon Capital Group. In June 2022, Leon Capital, a Dallas-based investment company, purchased 140.3 acres
Apartment market conditions continue to weaken amid worsening financial conditions nationwide. Momentum is picking up in the Phoenix multifamily market compared to a year ago, said Adam Finkel, co-founder and managing partner of Scottsdale-based Tower Capital, which
This year’s first quarter marked another slow period of sales activity for the Phoenix commercial real estate market as about $1.8 billion worth of multifamily, retail, office, and industrial properties traded hands, a 75% decrease from 2021’s average of about $7.1 billion per quarter
Hundreds of affordable apartments are coming to Phoenix for residents with disabilities, those experiencing chronic homelessness and senior citizens. The City Council on Wednesday approved $8 million in federal funding for five projects that will build a total of 279 affordable apartment
RealPage’s rent growth monitoring shows the first quarter of 2024 to be well off the norm. U.S. effective asking rents — rents after concessions and costs to secure a lease — fell 0.1% from the last quarter of 2023. The pre-pandemic norm was a 0.6% increase in a year’s first
SanTan Village, Gilbert’s main shopping mecca, is poised to expand on 30 acres with major anchor tenants such as Whole Foods and a new Dick’s Sporting Goods concept store. The project has been dubbed Signature at SanTan Village. It is proposed to have more than 322,000
A residential health care facility aimed at seniors is in the works in Scottsdale. The project, which is called Headwaters, is named after its developer. Scottsdale’s Development Review Board on May 2 will consider approval of a site plan, landscape plan and building elevations
Depending on the investor type, today is either the time to buy or the time to wait for the market to hit “bottom,” according to John Chang, Senior Vice President, National Research and Investor Relations. Speaking during his firm’s recent industry trends video, he said
Yellow warning lights are blinking for Mesa’s industrial market, but there are also reasons for optimism in a new report on the industrial real estate market in the Valley. The report published last week by investment management firm Colliers shows vacancy rates for industrial buildings
Average asking rent growth in Phoenix’s apartment market remained modestly positive in March, up 0.03% for the month, while rents rose 0.7% overall in the year’s first quarter, the most significant three-month increase since the second quarter of 2022. The improvement to
It didn’t take long for market optimism to fade after last week’s release of the economy’s health in the first quarter. The Commerce Department reported that the economy expanded by 1.6% (annualized and seasonally adjusted) in the first quarter over the prior three-month period