Commercial Real Estate & Business News – March 18, 2024

Real estate prices have bottomed and there’s a great opportunity to move fast and buy assets at beaten-down prices, according to Blackstone Inc. President Jon Gray. “The perception is so negative and yet the value decline has occurred, so when you get into this bottoming period…»

After a year in which transactions plummeted more than 50%, some institutional investors have reported they are now returning to the property markets. To be sure, they are expecting discounted pricing for the assets but their return is notable as it suggests that the market has indeed…»

The city of Phoenix is moving forward with a major rezoning at the former Motorola and Onsemi manufacturing campus. Baker Development Corp., which has been working to redevelop the site for several years, received initial approval to rezone 67 acres from the Camelback East Village…»

Arizona’s economy continues to churn out solid gains. Population growth slowed modestly in 2023, according to estimates from the Arizona Office of Economic Opportunity. U.S. Census Bureau estimates show a more significant slowdown. The state continued to add jobs in 2023, at about…»

The Arizona State Land Department Board of Appeals on Thursday unanimously approved the $68.5 million appraisal of 95 acres of land sought by the Arizona Coyotes. There were no questions or discussion about the appraisal on the land at the northwest corner of the Loop 101 freeway…»