Commercial Real Estate & Business News – July 26, 2024

Economic activity in the U.S. was considerably stronger than expected during the second quarter, according to an initial estimate Thursday from the Commerce Department. Real gross domestic product, a measure of all the goods and services produced during the April-through-June period, increased at...»

A major change is in the works for the Belmont master plan, which encompasses 25,000 acres set for residential and commercial growth about an hour west of Phoenix. The owner of the property, Scottsdale-based LKY Development Co., is looking to attract industrial development for nearly 5,150 acres of...»

Oakland Capital and San Tan Development Group plan to bring 37,245 square feet of high-end retail and restaurant offerings to the first phase of Northside at SanTan Village, a $100 million mixed-use development in Gilbert, Ariz. Construction has begun on the 20-acre site in the Phoenix suburb. Completion…»

There’s a tale of two office markets unfolding in the Valley: Nearly a quarter of our office space sits vacant, and yet we don’t have enough high-end buildings to meet employer demand. The big picture: The pandemic seems to have permanently changed the way many Americans work…»

Rents for prime office space–the uppermost tier of Class A, typically with rents in the top 5% to 10%–now average 31.4% over those for all Class A offices in markets across the world, Savills reported. Led by Midtown Manhattan, North America has the highest premium at 62.5% above average Class A rents…»