Commercial Real Estate & Business News – October 21, 2024

New data reveals that vacant offices in Phoenix and Tucson have led to more than $800 million in lost rent. That’s according to a new study from Switch On Business that analyzed office vacancy rates across America to reveal the true cost of vacant office buildings in major U.S. cities…»

It was standing room only Oct. 17 at the Arizona State Land Department, where three groups of homebuilders engaged in a bidding war. When the final bid was secured, 274 acres in the West Valley were acquired for $63 million. PulteGroup Inc. (NYSE: PHM) and…»

Seattle-based Amazon.com Inc. (Nasdaq: AMZN) has bought a 220-acre site in Laveen for a potential data center campus in Phoenix. Amazon acquired the site for $277 million in cash through its subsidiary Amazon Data Services, according to land records and Tempe-based real estate database Vizzda. It paid more…»

There has been an unfortunate inclination to look at commercial real estate and lenders in a homogenous blend since the beginning of the downturn in 2022. That isn’t the case, said MSCI in a report called, “The What and the When Matter for the Losses of…»

A Texas-based developer has proposed a 344-unit apartment complex near Interstate 17 and Dove Valley Road in north Phoenix, an area that is seeing explosive growth around the development of the Taiwan Semiconductor Manufacturing Co. campus. TSMC’s campus is across the…»