Phoenix is one of the top markets in the United States for new hotel construction, according to a report released this week by Lodging Econometrics, a company that tracks hotel and lodging industry data. Currently there are 120 projects with a total of 15,627 rooms in the Valley’s hotel construction pipeline
Economic growth and demographics continued to bolster multifamily rents at the start of the third quarter. The average U.S. asking rent increased $4 to $1,743 in July, while year-over-year growth rose 20 basis points to 0.8%, according to the latest Yardi Matrix National Multifamily Report
Nearly a third of consumers are cutting back on spending due to inflation, and a higher percentage say they have made changes to their financial priorities. That’s according to TD Bank’s new 2024 Consumer Spending Index, which found that 30% of respondents have been
U.S. commercial property prices arrested their series of declines in June after a year and a half of losses, MSCI Real Assets reported Thursday. The RCA CPPI National All Property Index was unchanged from a year ago and rose 0.6% from May. All sectors posted improved annual trends in June, with the exception of apartments
For decades, Phoenix has been the poster child of housing growth in Arizona. Now it’s the suburbs and exurbs’ time to shine as people increasingly turn to less dense, more affordable communities. But what are the fastest-growing housing markets in Arizona? Our recent study of housing
The general contractor of the second phase of the X Phoenix luxury residential tower, along with several subcontractors, have filed lawsuits alleging tens of millions of dollars is owed for completed work on the stalled construction project. These lawsuits
Demolition of the former Metrocenter Mall in Phoenix is more than a year behind schedule. The city of Phoenix and co-developers Concord Wilshire and Hines had to change their redevelopment plans after a state law changed how cities collect tax on rentals. Steve Betts, senior
As it reported its second quarter earnings, executives at Macerich Co. made a significant announcement: that it has sold its 50% stake of Biltmore Fashion Park to a regular project partner, Red Development, which now takes full ownership of the shopping center. “Red Development is
Arizona economic development efforts continued to set a new standard of excellence and build on the state’s economic momentum in Fiscal Year 2024 (FY 24). In the 12-month fiscal period that ended on June 30, 2024, the Arizona Commerce Authority (ACA) and local economic
Downtown Mesa, with its ample breweries, award-winning restaurants and artsy vibe, is one of the trendiest gathering places in the Valley. Reality check: You don’t have to look far into the past to know it hasn’t always been that way. The big picture: Mesa is the Valley’s largest suburb. With more than 512,000
Multifamily demand expanded during the second quarter as 170,000 more units were rented than vacated, the highest total since the third quarter of 2021. And while 180,000 new units also came on line, this was the smallest supply-demand gap in 11 quarters. As a result, the national vacancy rate held
Queen Creek homes sold last month at an average price that was nearly 10.5% over the June 2023 average, data from Phoenix Realtors show. The average price of the 151 Queen Creek homes that closed in June was $773,556 – far higher than the national average of $427,000 or
Before adjustment for inflation, Arizona total personal income rose 4.6% over the year in the first quarter of 2024, according to preliminary data released by the U.S. Bureau of Economic Analysis. That outpaced the nation at 4.4% over the year. Net earnings from work in Arizona rose by 5.3%
Hot on the heels of Maricopa County being named No. 1 for economic growth nationwide, the state’s development prospects have received another boost from the Standard & Poor’s Global Ratings agency. Late last week, S&P revised its outlook on Arizona’s overall credit to positive from stable and affirmed its
Hot on the heels of Maricopa County being named No. 1 for economic growth nationwide, the state’s development prospects have received another boost from the Standard & Poor’s Global Ratings agency. Late last week, S&P revised its outlook on Arizona’s overall credit to positive from stable
America’s multifamily market could be nearing an inflection point as year-to-date multifamily absorption has risen 75% compared to the first half of 2023. Plus, the economy added 500,000 new jobs in the second quarter, and real wages grew. Cushman & Wakefield’s U.S. national multifamily report for
The proposed merger of grocery giants Kroger and Albertsons is on hold following a temporary injunction in a state’s case against the deal. Colorado Attorney General Phil Weiser filed a lawsuit in February in opposition of the merger and the companies will wait to proceed until a judge considers the case
Consumer confidence notched a surprise gain in July, but Americans are still wary about the state of the U.S. economy. The consumer confidence index came in at 100.3 in July, ticking up from June’s Economists polled by FactSet had expected it to dip to 99.5 “Confidence increased in July, but not enough to break free of
Powell will have another opportunity to talk about interest rates at an Aug. 22-24 meeting in Jackson Hole, Wyoming, where officials and economists from around the globe discuss policy. The Fed will probably alter its language this week “to reflect the growing likelihood of a cut at the following meeting, (but)
PHOENIX — Surprise, Gilbert, Scottsdale, Chandler, Peoria and Mesa all ranked in the top 20 of WalletHub’s “Best Cities for First-Time Home Buyers (2024)” study released this month. WalletHub rated 300 cities of various sizes and compared them using 22 different factors, including market attractiveness
Amkor Technology, which earlier this year announced a major expansion in Peoria, has qualified for up to $600 million in preliminary federal funding to complete the project and operate it. The U.S. Department of Commerce said the Chandler-based semiconductor-services company has received tentative
A developer with apartment projects around the Valley bought land at the redeveloped Paradise Valley Mall, now called PV, and plans to build a luxury apartment complex. Transwestern Development Company paid $20 million for about 4.5 acres of land at the former mall site, according to real
After delivering over 10 million square feet of industrial product last quarter, Phoenix continues to be a hotspot for industrial development and currently ranks first in the U.S. for active projects with 37 million square feet currently underway, as highlighted in LGE Design Build’s Q3 Construction Delivery
At first glance, the second quarter saw little change to recent U.S. industrial market conditions, which have been gradually shifting more in tenants’ favor since the beginning of last year as available industrial space accumulated in ever-greater amounts. Just over 100 million square feet worth of new industrial developments
Today, the Biden-Harris Administration announced that the U.S. Department of Commerce and Amkor Technology, Inc. have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $400 million in proposed direct funding under the CHIPS and Science Act. President Biden