New dining experiences, much-needed housing and a neighborhood church: These are the elements of The Trailhead, a community gathering place for northwest Valley residents that has been seven years in the making. This morning, Peoria officials joined the Pederson Group
As this year’s spring home-buying season approaches, homeowners and renters remain reluctant to move due largely to the rise in interest and mortgage rates over the past two years. Despite hopes of rates easing late last year, recent data shows that little has changed in this frozen
The nation’s largest supplier of residential building products is reporting products such as lumber are showing signs of growth after a weakened housing market hurt the company’s bottom line last year. bExecutives at Builders FirstSource, based in Irving, Texas, told investors that building products such as lumber and
Expect continued resilience but on a muted scale for industrial assets in 2024, according to Newmark, which said in a recent report that economic uncertainty continues to exert pressure on consumers, developers, occupiers, and investors. “Unpredictability in the global supply chain will
A strong jobs market has boosted Yardi Matrix’s forecast of apartment rent growth in 2024. The analytics firm reported Thursday that multifamily asking rents broke the five-month streak of sequential average declines in January, rising 0.07%. Of the 142 markets tracked, 61 posted declines in
The Federal Reserve’s Monetary Policy Report to Congresscomes out twice a year. The first one for 2024 suggests a number of things. Two of note for the commercial real estate industry: CRE remains a factor in continued risk to the banking system and interest rates aren’t coming down until
Taiwan Semiconductor Manufacturing Co. (NYSE: TSM) has inked a lease agreement for an apartment community near its $40 billion semiconductor campus in north Phoenix. An entity tracing to Ideal Capital Group paid $108 million to an entity tracing to Houston-based real estate firm Hines for
All of the big computers and related equipment that businesses rely on to manage their operations have to go somewhere, and they are increasingly being installed around metro Phoenix. Metro Phoenix now ranks first in the western United States and second nationally for data
It’s not quite “Don’t Worry, Be Happy,” but a new note from CBRE emphasizes that multifamily problems will eventually end. “Markets are never static and strong rent increases are likely to resume in traditionally higher growth cities as excess supply is absorbed,” they wrote
Guests are already checking into the Caesars Republic Scottsdale. The new 11-story, 265-room hotel on the north side of Scottsdale Fashion Square mall held its grand opening party on Feb. 29, before it officially opens to the public on March 6. Macerich Co., the owner of the
Arizona Attorney General Kris Mayes filed a lawsuit Wednesday against software company RealPage and nine residential landlords, alleging they engaged in a massive conspiracy to price gouge at least 100,000 renters in Phoenix and Tucson. RealPage sets prices for apartment units
Here’s what to expect in the economy in 2024 at the state level and at the national level. First, good news is coming out regularly regarding the national economy. When the Fed first increased rates in March of 2022, most analysts expected the economy would spiral into recession
Residents across Phoenix have flooded local stores, driving retail properties to their lowest vacancy rate in four decades. Overall vacancy in the Phoenix retail market has fallen to 4.8 percent, the lowest since the early 1980s, AZ Big Media reported, citing an analysis by Velocity Retail
Multiple measures show increased delinquency rates in commercial real estate collateralized loan obligations, better known as CRE CLOs. While office property leads with the highest proportion of distressed loans, multifamily real estate shows the greatest distress by dollar amount
Steelcase Inc. will shut down its large distribution center in Southern California and relocate its regional operations to a smaller building in metro Phoenix. The Grand Rapids, Michigan-based manufacturer of furniture for offices, hospitals and schools has signed a lease for a 211,360
Grocery retail investment volume experienced a significant decline in 2023 that was felt among all core real estate property sectors. A new report from JLL suggests a reversal of fortunes in 2024. Grocery retail properties benefit from anchor tenant stability, favorable lease terms, and a
The Phoenix Metro region started 2024 with the most industrial space under construction, two reports show. And while one study, by Transwestern Real Estate Services, warns that “it might take a while for the market to catch up and that will translate to some volatility for industrial
After seeing the highest inflation rate in the country, Phoenix inflation has slowed compared with rest of U.S. and Phoenix inflation is also below comparison metropolitan areas. The Consumer Price Index for All Urban Consumers (CPI-U), often referred to as CPI, serves as an
Coming off an exorbitant year of multifamily development, National Association of Home Builders (NAHB) said this week that starts will drop by 20% this year, which should help to reduce inflation. Multifamily starts totaled 472,000 units in 2023, down 14% compared to the previous
Already struggling with a record swath of vacant office space, downtown Phoenix is set to be dealt another blow with one of Arizona’s largest employers preparing to sublease out an entire tower that has served as its global headquarters. Freeport-McMoRan, a publicly traded mining
Axon CEO Rick Smith took aim at Scottsdale during the company’s fourth quarter earnings call on Feb. 27, calling out an “antidevelopment” sentiment in the city and mentioning a possibility to move the company to another market. Axon, the maker of Taser stun guns, and
Pentagon Technologies Group Inc. is investing $50 million in a new semiconductor equipment cleaning facility in Mesa that is expected to create 300 new jobs. Hayward, California-based Pentagon Technologies announced Thursday that construction is underway on the 65,500-square
The end to a nearly two-decade-long slog to develop a Ritz-Carlton resort hotel in Paradise Valley could be near, as construction on the hotel focuses on interior work and work on the hotel rooms and surrounding villas. At a projected $2 billion, it would be one of the largest
TSMC joined with its construction partners in a “topping out” ceremony — in which the last steel beam was raised into place — on the company’s second semiconductor fab in Phoenix, Arizona. This month, TSMC also completed the topping milestone on the second fab’s auxiliary buildings
ORION Investment Real Estate has brokered the purchase of a multi-tenant retail pad building at the southeast corner of Litchfield and Waddell roads in Surprise, a suburb northwest of Phoenix. Fox Properties Surprise LLC acquired the asset form Parkview Realty Investments LLC