DAILY TOP 5

Arizona’s lax short-term rental regulations have made it one of the most successful growth markets for companies like Airbnb and Vrbo, but some advocates say it comes at the cost of housing affordability. Why it matters: Using residential homes as vacation properties

A customer prepares to purchase gas at a filling station in Chicago, Monday, April 22, 2024. On Wednesday, May 15, 2024, the Labor Department issues its report on inflation at the consumer level in April. Led by lower food and auto prices, inflation in the United States cooled

There’s a bit of a turnaround in CRE sales transactions, according to a Moody’s CRE report. But the current results and trends vary by property type and a return to pre-pandemic normalcy will need the help of the Federal Reserve’s reduction of interest rates. “CRE transactions

U.S. online grocery sales rose to $8.5 billion in April, driven by growth across all three delivery segments. That’s according to the most recent Brick Meets Click/Mercatus Grocery Shopper Survey, which was fielded April 29-30, 2024. The sales uplift was driven largely by

While the Federal Reserve won’t meet again until June, and thus, a formal adjustment to interest rates won’t happen until then, it doesn’t mean that May will be uneventful. Observers will instead turn to the Bureau of Labor Statistics as they prepare to release their inflation report

Data centers are the brains of today’s economy, providing the technological infrastructure for companies across many sectors, enabling both mission-critical services and modern conveniences alike. Greater Phoenix continues to be a destination for data centers, thanks in part

Consulting firm Henley & Partners identified 3 US cities with huge potential for wealth growth. They have faster growth in millionaire residents, said Henley, which advises the wealthy on moving. Scottsdale, Palm Beach, and Greenwich draw high-net-worth people leaving

The retail market is the property division that is generally delivering the strongest results among the four leading asset types, according to In Marcus & Millichap’s look at first-quarter fundamentals data. Multi-tenant retail space absorption in the first quarter totaled

London-based private equity real estate manager Henderson Park bought the 705-key Arizona Biltmore, LXR Hotels & Resorts, for $705 million. CoStar data shows the rumored sale is official, citing a special warranty deed dated May 8 in New York County and an affidavit of

Three heavyweight contenders have entered the ring in a battle for 2,300 acres of prime state land next to the sprawling Taiwan Manufacturing Semiconductor Co. campus in North Phoenix. An Arizona state land auction for the megasite surrounding TSMC is scheduled May 29 with

Phoenix is seeking proposals for developers to create a high-rise development on city-owned land downtown, with a goal of adding affordable housing. The city is looking to lease about 1.5 acres of land near First and McKinley streets to a developer, according to a request for proposals

Viewing a map of Greater Phoenix reveals an efficient transportation system, with streets forming a neat grid that connect to multiple highways, making travel around the Valley quick and convenient. This network came about thanks to the planning and funding provided by a

New listings, up; closed sales, up; and days on market, down. That’s positive news for residential real estate sales in year-over-year April data reported by Phoenix REALTORS. “A one-month boost isn’t a trend, but the reversal of prior months’ declines is welcome news,” said Sheryl Bowden, Phoenix REALTORS president. “We’re still seeing strength in median home prices even with the increase in home inventory.”

Plans are in progress for a new terminal at Phoenix Sky Harbor International Airport, but construction won’t begin for at least several more years. The terminal’s construction isn’t expected to start until after 2030, the city of Phoenix, which owns and operates the airport, announced

Despite forecasts of a post-2023 construction slowdown, many of Arizona’s commercial building contractors still have the Help Wanted sign out, and several are expecting a rebound in the office and retail sectors. Top executives from companies featured on the Business Journal’s 2024 Commercial Building Contractors list published May 10 answered some additional questions about the state of the industry. One industry group is predicting that even with a post-2023 slowdown, the nation’s construction industry will need to hire nearly a million workers on top of its normal hiring pace over the next two years to meet labor demands. How is your firm’s staffing looking?

Cosanti is now two-for-two. First, at a curious March 21 Development Review Board meeting, board members not only unanimously approved the artsy apartments – they urged Cosanti to build an extra floor. Cosanti, which was originally to be called Sundown Commons but changed its name after

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 able to maintain healthy rental rates. As office space utilization continues to evolve with hybrid work schedules, the Phoenix office market is experiencing a trend of tenants rental

U.S. multifamily growth is expected to accelerate in the second half of the year amid slowing completions and continued positive net absorption, according to new research from CBRE. CBRE research shows that average monthly rents in the first quarter ticked up 0.4% year

With nearly one-fifth of multifamily properties now over 65 years old, it’s time to consider solutions for rejuvenating the rental housing stock in the U.S. With 17.6 percent of multifamily properties built before 1959, many require costly renovations to retain tenants and maintain

Though challenges across multiple fronts have plagued the Phoenix office market for over four years, one segment of the sector has bucked the trend. Property performance for medical office buildings, or MOBs, has strengthened since the onset of the pandemic, with vacancy declining

The trustee auction for the 290-room Westin Tempe has been delayed a third time as the owners of the property search for a buyer. After Las Vegas-based CAI Investments LLC, the owner of the Tempe hotel, failed to make its loan payments, Dallas-based Hall Structured Finance

Home prices trended up in almost all U.S. metro areas during the first quarter of 2024. Out of 221 metro markets analyzed, 205 (93%) posted yearly home price gains in Q1 2024, while 30% experienced double-digit price gains during the same period — up from 15% in the fourth

U.S. multifamily rent growth is expected to accelerate in the second half of 2024 as new construction completions decelerate and positive net absorption continues, CBRE reported. The first quarter saw average monthly rents grow 0.4% year-over-year to $2,163. Notwithstanding

Multifamily developer LV Collective, along with two partners, have closed on a deal to build a luxury, off-campus student housing complex in Tempe, Arizona, near Arizona State University. The transaction comes as the asset class outperforms its traditional multifamily peers and