Commercial Real Estate & Business News – February 9, 2024
Multifamily Starts Exceeded Expectations in 2023 Despite previous forecasts, new multifamily development exceeded expectations in 2023. In part, the performance of this sector was due to a stronger-than-expected first half of 2023. In addition, data now suggests affordable and single-family housing are now significant…» Phoenix Developer Proposes Mixed-Use Project at Trailer Park Site Venue Projects, […]
Commercial Real Estate & Business News – February 8, 2024
Diversified Partners Starts Construction on Mesa Mixed-Use Development A mixed-use project at a key intersection in the southeast Valley took a big step forward on Jan. 31 — and has a new name. Scottsdale-based Diversified Partners LLC broke ground on a new mixed-use development on the corner of Elliot and Ellsworth roads, which will bring…» […]
Commercial Real Estate & Business News – February 7, 2024
Commercial Real Estate a ‘Manageable’ Problem but Some Banks Will Close: Powell Federal Reserve Chair Jerome Powell is predicting that more small banks will likely close or merge due to commercial real estate weaknesses, but that the problem is ultimately “manageable.” The central bank official made this point during a “60 Minutes” interview that…» Mixed-Use […]
Commercial Real Estate & Business News – February 6, 2024
Luxury Mixed-Use Development in Peoria Slated to Break Ground this Summer Stadium Point, a major mixed-use development that is expected to boost Peoria’s P83 entertainment district, could break ground as soon as this summer, according to the master developer Steinhauer Properties Inc. The 1 million-square-foot development, which…» It’s Another Month of Negative Multifamily Rent Growth […]
Commercial Real Estate & Business News – February 5, 2024
Northrop Grumman Bolsters Presence at Gilbert Business Park Northrop Grumman Corp. (NYSE: NOC) has inked another large lease at Gilbert Spectrum. The Virginia-based aerospace and defense contractor is taking the entire 119,222-square-foot Building 3 at the Gilbert business park near McQueen and Elliot roads. “In Arizona, we…» These Cities are Popular With Renters Right Now […]
Commercial Real Estate & Business News – February 2, 2024
Westin Tempe Hotel Faces Foreclosure Sale The Westin Tempe faces a potential foreclosure sale after failing to make its loan payments. The lender for the 290-room hotel near Seventh Street and Mill Avenue in downtown Tempe filed a notice of trustee sale earlier this week, according Maricopa County records. Such…» What Multifamily Rent Growth Patterns […]