Commercial Real Estate & Business News – January 2, 2024

As the year draws to a close, what were the most competitive rental markets of 2023? RentCafe.com’s 2023 Year-End Report analyzed 139 rental markets in the U.S. and ranked them based on five key metrics for rental competitiveness. The analysis found that Phoenix is the nation’s 59th hottest…»

The ZIP code surrounding Phoenix-Mesa Gateway Airport area tops all others in the nation for spec industrial space under construction, according to a recent report from CoStar Group Inc. While Valley observers likely realize the Phoenix-Mesa Gateway Airport’s 85212 ZIP has been…»

After hitting a 40-year high for completed units in 2023, the U.S. multifamily market is expected to see a 25% pullback next year that should help balance out the market. Roughly 590,000 units were completed last year, according to CoStar data, though only 444,000 units are…»

Industrial starts have fallen by nearly half this year to 66.2 million square feet in the third quarter compared to 100.6 million square feet in the first quarter, according to a report from CommercialEdge. Despite the slowdown Dallas and Phoenix continue to lead in new industrial development. These two markets…»

Transaction volume in the Phoenix office market dropped to record lows at year-end, according to a report from Kidder Mathews. Here are some takeaways for the Phoenix market: AVAILABILITY RATES hover near record highs at 20.2%, LEASING ACTIVITY dropped to a 15-year low at 1.6M SF in 4Q,…»