Commercial Real Estate & Business News – December 19, 2023

The Greater Phoenix industrial market posted its historically highest level of new industrial space completions during third quarter, adding 12 million square feet to the city’s inventory. This drove a rise in net absorption and also elevated the vacancy rate, according to a report released by Colliers…»

A dramatic acceleration of multifamily rent growth in 2021 and into early 2022 highlighted concerns of rental affordability, prompting calls for rent control. But since late 2022, apartment rent growth has slowed dramatically and, in some major markets across the nation, even dropped. This…»

Arthur L. Pearce, whose well-known Valley family had operated Pearce Beverage Co. as a distributor for Coors beer for decades, recently sold 2.57 acres of land near the Arizona Diamondbacks’ Chase Field in downtown Phoenix. The buyers had previously owned two properties…»

Industrial and logistics rent growth has tempered a bit from its unprecedented high rate of the past 24 months, according to Colliers, which expects 2024 to see rates fall in line with the historical averages of between 3% and 8%. With supply increasing while demand slows, rent growth…»

Arizona’s economy didn’t grow much in 2023, and the following year won’t fare much better. But the state and its residents should count their blessings, said one of its most respected financial experts. “The U.S. economy is experiencing slower growth with moderating inflation but appears…»