26-story downtown Phoenix tower to add grocer, art gallery
A downtown Phoenix apartment tower that recently completed construction will feature a small grocer, café and wine bar, along with an art gallery on its ground floor. Ray Phoenix, a 26-story tower with 401 apartment units, opened for residents in April and is still leasing for its units, which range in size from studios to two bedrooms. The development is located at Central Avenue and McKinley Street. Rental rates at the development range from about $1,400 per month to about $7,200 per month depending on the...>
Developer gets preliminary approval for 21-story downtown Phoenix building
A long-planned mixed-use tower near Phoenix’s Roosevelt Row district has received preliminary approval, paving the way for another major project to rise near Phoenix’s buzzy cultural district. The 21-story high-rise would comprise 320 rental units on a 1.6-acre parcel at 1101 N. 1st St. The 493,034-square-foot building would include four levels of parking; 5,537 square feet of ground-floor retail; and amenity spaces on the first floor, fifth floor and 21st floor — which would also feature terraces…»
MHN Asks: Where Is Rent Growth Strongest?
Rental performance continues to show signs of strain across the country. Despite a 0.4 percent uptick year-to-date through April, rent growth was only one-third of the average seasonal increase recorded between 2012 and 2019, according to Yardi Matrix. Annual growth remained in negative territory, down 0.2 percent. Constrained multifamily rent growth is coming from elevated levels of new supply and softening demand and stagnant absorption in recent quarters. Although a recovery appears to be taking shape, it is likely to develop gradually and unevenly across the country…»
Office-Using Job Growth Shifts to Southern and Western Metro Areas
U.S. office-using job growth has shifted south and west, Avison Young reported. Austin leads all major metro areas, up approximately 34% in office-using employment since 2019, with Phoenix and Charlotte also ranking among the top-performing markets. “Office demand is going where growth is,” said Tucker White, U.S. Office Lead, Market Intelligence. “Austin, Phoenix and Charlotte are standout examples of where office-using employment is accelerating at a meaningful pace. These markets are…»
Rising Refinancing Costs Force New Kind of Workout Conversation
Refinancing costs are reshaping how commercial real estate lenders and borrowers talk about troubled loans. Instead of assuming that every asset can be rolled forward with another extension, many players are confronting the reality that debt once priced in the 3 to 4 percent range is now resetting closer to 7 percent or higher, with dramatically different math for both sides of the table. The result is a new kind of workout conversation that pivots less on buying time and more on whether a given business…»