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 […]
Commercial Real Estate & Business News – February 1, 2024
Record Levels of New Space Drives Vacancy in Phoenix Industrial Market The Greater Phoenix industrial market delivered a historic 27.9 million square feet of new space during 2023, which drove vacancy rates up in the area, according to a report released by Colliers in Arizona. Vacancy rose to 6.7 percent at the end of fourth […]
Commercial Real Estate & Business News – January 30, 2024
2,500 Acres Near Phoenix TSMC to be Sold by State Land Department for ‘Science Park’ Nearly 2,500 acres of land adjacent to the Taiwan Semiconductor Manufacturing Co. campus in far north Phoenix are planned to be sold at auction in late May, which city economic development officials said will contribute to creating one of the […]