Commercial Real Estate & Business News – July 17, 2024

Arizona’s aerospace industry has long been a critical sector for the state, with the Aeronautical Repair Station Association ranking Arizona among the top two for aviation maintenance economic activity. While Greater Phoenix and Tucson are home to many companies in the sector, Pinal County has…»

Silver Sky Development broke ground for its 18-acre luxury community in Paradise Valley. Called Silver Sky, the community will feature 12 luxury homes at the base of Mummy Mountain. The entire project originally was approved by Paradise Valley Town Council in April 2023…»

A former Four Points Sheraton hotel in the Ahwatukee area will become an apartment complex, with the early phases of construction already underway. Scottsdale-based Caliber Cos. bought the hotel in 2018 for $16.11 million, according to real estate database Vizzda. The company had planned to own and operate it …»

Development of industrial space has started to hit the brakes in metro Phoenix.

The second quarter saw about 9 million square feet of space delivered, causing the Valley’s vacancy rate to creep up to more than 10%, according to the latest industrial reports…»

Favorable economic trends are helping mortgage rates continue the downward trend they’ve been on for the past few months. Housing Wire‘s Mortgage Rates Center showed that the average 30-year conforming loan rate was 7.06% on Tuesday, down from 7.11% a week earlier. The 15-year conforming…»