10 major Arizona real estate developments shaping state’s future
Over the last decade, Arizona residents have seen a growing number of eye-popping headlines announcing massive new real estate developments that add jobs, draw in residents and attract new businesses to our state. While the biggest is the transformational $165 billion investment Taiwan Semiconductor Manufacturing Company is making in North Phoenix, here are 10 major Arizona real estate developments shaping the state’s future: Teravalis: City: Buckeye…»
Luxury $100 million apartment, restaurant project planned for Phoenix warehouse district
A $100 million apartment and restaurant project is planned for a parking lot in the warehouse district of downtown Phoenix. A New York-based developer, Gallium, is partnering with Colorado-based Elevate Companies to develop the complex called Amara, which will contain about 300 luxury apartment units. The building is planned to be seven stories tall on the 2.3-acre site. It was designed by New York-based DXA Studio. The land, located at Sixth and Grant streets…»
Mesa lures Hadrian’s ‘factory of the future’ with job creation incentives
Hadrian’s new factory in Mesa is projected to create hundreds of jobs. The city and state may pay the weapons manufacturer to fill them with locals. Mesa City Council voted Oct. 20 to sign a development agreement with the company to reimburse $750 for the first 100 employees it hires that live in town, after the plant hits buildout and workforce milestones. The facility, which will make components of missiles, jets, rockets and other munitions, is…»
Phoenix offices could become low-cost dorm-style housing
Empty downtown Phoenix office buildings could be converted into affordable dormitory-style housing for a fraction of the cost of traditional apartments, according to a new report from the Pew Charitable Trust and architecture firm Gensler. Why it matters: Phoenix’s office vacancy rate sits higher than the national average at 23%, while the Valley continues to face a housing shortage that’s driving up rents. “[This is] a really interesting way to kill two birds…»
Near-Term Office Leasing Outlook Turns Positive
U.S. office projections have been slightly upgraded for the next four quarters in a revised forecast from CoStar Group, although the long-term outlook still calls for less space per employee than pre-pandemic. The near-term U.S. office outlook now calls for 10 million square feet of positive absorption over the next four quarters. The previous forecast anticipated negative absorption of four million square feet. “The revised forecast accounts for the strongest…»