Commercial Real Estate & Business News – February 23, 2024

The final phase of demolition has begun on the 72-acre, former Motorola semiconductor manufacturing campus located at 52nd Street, Loop 202 and McDowell Road in Phoenix. The site is located minutes from Phoenix Sky Harbor Airport, Arizona State University, downtown…»

Philadelphia-based Korman Communities and New York-based RXR have unveiled a 17-floor residential tower in downtown Phoenix. Called AVE Phoenix Sky, the 254-unit residential community at 601 N. 3rd Ave. was built by Clayco Construction, with CCBG Architects as architect and…»

Metrocenter, once the Southwest’s largest indoor mall, has been closed for years. The former mall site is set to be redeveloped, with a handful of large real estate companies preparing to transform the site into an “urban village” focused on housing. Demolition of the mall, along with…»

The annual rate of decline in U.S. property prices slowed further at the start of 2024, MSCI Real Assets said Thursday The RCA CPPI National All-Property Index fell 4.7% in January from a year ago and 0.1% from December. Prices were falling at an annual pace of around 11% in July and August of…»

Existing-home sales picked up in January as buyers took advantage of the lowest mortgage rates seen in several months. Existing-home sales rose 3.1% from December to a seasonally adjusted annual rate of 4 million in January, according to a report from the…»