A Target store and housing will anchor a swath of vacant desert land in east Mesa after the city council approved a rezoning request Monday. The city made way for the project dubbed Medina Station after the council annexed about 64 acres and approved a development agreement that outlined any restricted land
AVE, the residential real estate brand of Korman Communities, in partnership with RXR, today announces the opening of AVE Paradise Valley (12400 North Tatum Boulevard), a new residential community with 400 apartments in the reimagined Paradise Valley Mall site. The state-of-the-art, mid-rise property becomes
The 10-year Treasury continues to be a lynchpin of longer-term lending, including CRE mortgages. But its near-term future is uncertain. What will happen depends on macroeconomic factors, investor sentiment, and White House actions, and there are two schools of thought. The most fundamental issue is the term
The average asking rent for a Phoenix apartment rose 0.1% in December, the first month of positive movement since February 2024. December’s result brings annual rent growth for the year to negative 1.9%, on pace with the decline seen in 2023 pandemic. Though renter demand rebounded
As urban areas become more crowded and homeownership slips further out of reach, the build-to-rent (BTR) market is stepping in to fill the gap. Nationwide, more than 110,000 single-family rentals are under construction, set to increase the BTR inventory by
During 2024, Greater Phoenix posted its highest level of industrial construction deliveries, bringing 34.8 million square feet of new space to the market and increasing inventory by 7.8 percent, according to a report released by Colliers. The wave of new buildings pushed vacancy up
Investors are keeping a close eye on the US office sector after half a decade of turmoil, looking for deals on premium properties they can lease up or obsolete buildings they can flip to apartments. Large foreign investors are showing renewed interest in the sector as they look to get ahead
Another Phoenix apartment property has changed hands for more than $100 million — the second one this month. IMT Desert Ridge Apartments sold for $126 million in cash on Jan. 23, following the $131.1 million sale of what is now called Spire Deer Valley Apartments on
Despite maintaining healthy spending habits last year, consumers are decidedly gloomy at the start of the new year, according to the latest survey by The Conference Board. The business research group said its overall measure of consumer confidence fell to 104.1 this month
The Esplanade office complex has completed a major renovation and upgrade of the prestigious four building campus in the Camelback Corridor located at 2425, 2525, 2575, and 2555 E. Camelback Rd. The $45 million renovation, added approximately 30,000 square feet of new amenity
Anyone thinking the Federal Reserve would cut the federal funds rate during this week’s meeting shouldn’t hold their breath. That means President Donald Trump is likely to be disappointed as he pushes for immediate rate cuts. In fact, an increasing number of Wall Street analysts are
Years of high interest rates have taken their toll on 1031 exchange transactions, deals popular in commercial real estate because they let investors defer capital gains taxes when selling a property to buy a similar oneThese transactions, named for the corresponding 1031 section
Today, Nestlé USA announced the grand opening of its new beverage factory and distribution center in Glendale, Arizona. The new facility will produce creamers for several of Nestlé’s go-to brands, including Coffee mate®, natural bliss® and Starbucks®, and has the ability to extend to
The fate of a historic warehouse next to the Footprint Center in downtown Phoenix is up in the air following a foreclosure sale of the property. That warehouse at 39 E. Jackson St. was going to be incorporated into a 25-story Fairmont hotel and residences tower with five restaurants
Phoenix is at the top of its game. As evidenced by the Business Journal’s sprawling list of projects to watch in the Valley in 2025, the region continues to rank among the top markets for business attraction. Indeed, key developments to keep an eye on this year are
Northpointe at Vistancia and the Village at Vistancia, communities in the award-winning 7,100-acre Vistancia master planned community in Peoria, have recently secured over 100 acres in land sales, continuing to poise the community for future growth. “Vistancia’s builder interest
A new MSCI report on CRE trends to watch in 2025 finds that despite interest resuming, “the recovery is still nascent and not everywhere all at once.” One factor is the still high percentage of the $500 billion in CRE loans due to mature this year that can be classified as in trouble. “If these
The US apartment market capped off 2024 with a seventh straight quarter of record supply. In addition, the nation hit a 50-year high in supply for the year. The market logged especially significant deliveries during the last three quarters of the year, according to a RealPage analysis of the apartment market
After completing a feasibility and site selection study, Peoria city leaders have decided they will no longer pursue an airpark in the northern part of the municipality. With the Taiwan Semiconductor Manufacturing Co. next door and billions of dollars worth of development planned to support it
Western office markets faced mounting challenges in December 2024, with San Francisco standing out. The city saw record-high vacancy rates of 28.8% driven by a wave of lease expirations and declining demand. These pressures have also weighed heavily on office asking rents and construction
Easing rents in the Sunbelt could boost migration to the region, leading to positive net absorption and reduce vacancy in the multifamily markets there, according to Marcus & Millichap’s 2025 national investment forecast. The report found two-thirds of the 21 major metros in the region had an average
Single-family rentals are the housing market’s big standout right now, with costs 20% higher than that of a typical multifamily apartment, according to the latest market report from Zillow®. That’s the largest difference ever recorded by Zillow. And in Phoenix, single-family rentals are
The Phoenix area is going to see a lot less industrial construction in 2025 as developers wait for tenants to fill up the vacant boxes around the Valley. That shouldn’t be an issue. A fourth quarter surge brought 2024 to a record 35.9 million square feet of overall gross absorption of space in the Phoenix metro
The estimate comes amid high demand for construction workers and a federal crackdown on undocumented immigrants, potentially creating a shortage of workers and pushing construction costs even higher. Housing shortages and ongoing multifamily projects across the country are just
Superstition Springs Center in northeast Mesa just lost another anchor store with Macy’s pulling out this year. Sears left in 2018. The storied chain announced in early January it will close 66 “under-productive” locations and focus on its more lucrative stores. Most of the retail stores are expected to close in the