Retailers seeking new spaces with U.S. vacancy rates low need to act fast when interested in a site or risk losing out to another renter, JLL’s head of retail services said. The country’s overall vacancy rate of retail space is 4.1%, according to Chicago-based JLL, citing CoStar
QTS Realty Trust is adding to its Valley portfolio with another major data center project in the works. The company is proposing to develop a 3 million-square-foot campus — called QTS PHX 3 — across 16 buildings each totaling at least 180,000 square feet in the Glendale area
Federal Reserve officials made clear they are still worried about the still-elevated levels of inflation according to the minutes from the April 30-May 1 policy meeting of the Federal Open Market Committee that were released this afternoon. The meeting came on the heels of
A high-rise student housing tower proposed on the site of a shuttered, formerly popular college bar in Tempe could face an uphill battle for approval after an icy reception from a city commission. Landmark Properties, a Georgia-based real estate firm that specializes in off-campus
Tannin Development Corp. announced the completion of Edison Midtown, a luxury condo community at 3131 N. Central Ave in Phoenix. The final phase marks the completion of the 110-unit community, which had been stalled for six years due to the original developer’s inability to
The big thing right now is there’s a massive disconnect between the fundamentals of the retailers and the leasing fundamentals in the shopping centers, and the level of disruption and disconnect in the capital markets. Those thoughts are according to Adam Ifshin, CEO and founder
You wouldn’t know it from headlines focusing on recent store closings, but the overall U.S. retail sector has undergone a resurgence in the past couple of years, with vacancy rates declining and rents rising to record highs. Three drivers are supporting the revival. There’s been a
WeWork Inc. plans to keep its office lease at the Esplanade. As part of its plans to emerge from bankruptcy by May 31, the New York City-based coworking company said Monday it expects to assume 89 additional leases across the United States and Canada – including at
Conditions in many retail markets across the country have reached near the tightest level on record, but while available space has dwindled quickest in areas throughout the Sun Belt and Midwest, Phoenix and Indianapolis stand out as the nation’s leaders for the biggest improvement
For years, North Phoenix was expected to become a sea of sprawling homes as a continuation of the Valley’s suburban growth. By all accounts, that vision has now expanded. Arguably the most notable swath of undeveloped land in that part of town is Biscuit Flats, which spans
There appears to be a spring in the step of CRE developers and building owners now that Spring 2024 has arrived. The gloom that pervaded their outlook for the year ahead in 2023 surveys has given way to a mild optimism as NAIOP’s index of CRE sentiment rose above 50 for
Several large office tenant move-outs during first quarter fueled the Phoenix office market to post negative net absorption reaching -572,754 square feet, according to a report released by Colliers. Despite total vacancy rising to 19.9 percent, the city’s landlords have been
A pair of apartment projects in Tempe that would bring more than 1,100 new units collectively cleared a big checkpoint in the city, as did construction of another Sam’s Club store. The discussion of the two multifamily projects, Tempe Gateway and Sterling Tempe, contributed
In the heart of Phoenix, a wave of redevelopment has swept through downtown marking an evolution in its urban landscape. Spearheading this resurgence are three distinct trends: the burgeoning bioscience core, the adaptive reuse of historical buildings and the flourishing
As competition heats up for a 2,300-acre state land auction surrounding the Taiwan Semiconductor Manufacturing Co. plant in north Phoenix, homebuilders have big plans to meet the demand of the 50,000 jobs that area is expected to create over time. Miami-based Lennar
A nearly 300-acre development in Laveen had been a symbol of neighborhood activism before it became a testament to compromise between the developer and nearby residents who opposed the plans. The Phoenix City Council agreed and unanimously approved it. The Gila
Rockefeller Group, the U.S. real estate developer, owner, and operator, announced today it has broken ground on Corsica Villas, two build-to-rent (BTR) communities totaling 152 townhomes in South Phoenix, the company’s first BTR communities in Arizona. Rockefeller
Plans for a new regional airport and employment center in Peoria could generate nearly 8,000 jobs and millions of dollars in revenue for the municipality, according to a study released this month. A new $150 million general aviation airport surrounded by an industrial corridor
Phoenix has kept its title as one of the top markets in the country for the growth of large warehouse space even as the sector has cooled off nationally, according to a CBRE Group Inc. report. The Valley had a 6% growth rate last year for industrial buildings that are larger
One of the newest office developments to land on the Phoenix market has landed a major deal in a sign that tenants are willing to commit to long-term leases, as long as they’re in the nicest and newest properties. WillScot Mobile Mini Holdings, a publicly traded company that
As a big build-to-suit office building in Tempe inches closer to completion, the user it was being built for said it won’t be taking occupancy. California-based Viasat Inc., a global communications giant that provides internet service, had big plans in 2022 to expand its real estate
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
Five years after rejecting a plan to extend light rail into west Phoenix, the city is changing direction. Based on community input, the council will consider two extensions along Indian School Road. Both would run from Central Avenue to 79th Avenue, but one would also connect
Inflation cooled slightly last month, signaling that while previously anticipated cuts to interest rates in the first half of the year are unlikely, there is still hope for decreases this fall. The consumer price index rose 3.4% year-over-year in April, according to the Bureau of Labor Statistics’
While the commercial real estate lending market experienced a slowdown in the first quarter, it was primarily influenced by market conditions in the third and fourth quarters of 2023, according to a new report from CBRE on Q1 lending. “Looking forward, we are seeing an uptick