Commercial Real Estate & Business News – August 1, 2024

Hot on the heels of Maricopa County being named No. 1 for economic growth nationwide, the state’s development prospects have received another boost from the Standard & Poor’s Global Ratings agency. Late last week, S&P revised its outlook on Arizona’s overall credit to positive from stable and affirmed its…»

Before adjustment for inflation, Arizona total personal income rose 4.6% over the year in the first quarter of 2024, according to preliminary data released by the U.S. Bureau of Economic Analysis. That outpaced the nation at 4.4% over the year. Net earnings from work in Arizona rose by 5.3%…»

Queen Creek homes sold last month at an average price that was nearly 10.5% over the June 2023 average, data from Phoenix Realtors show. The average price of the 151 Queen Creek homes that closed in June was $773,556 – far higher than the national average of $427,000 or…»

Multifamily demand expanded during the second quarter as 170,000 more units were rented than vacated, the highest total since the third quarter of 2021. And while 180,000 new units also came on line, this was the smallest supply-demand gap in 11 quarters. As a result, the national vacancy rate held…»

Downtown Mesa, with its ample breweries, award-winning restaurants and artsy vibe, is one of the trendiest gathering places in the Valley. Reality check: You don’t have to look far into the past to know it hasn’t always been that way. The big picture: Mesa is the Valley’s largest suburb. With more than 512,000…»