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 […]
Commercial Real Estate & Business News – January 29, 2024
2024 IREM | CCIM ECONOMIC FORECAST RECAP – Key takeaway: Overall, the Arizona real estate market is expected to experience slower growth in 2024 compared to the past 2 years, but will remain largely stable with opportunities and some distress. Real Estate Values Are ‘Bottoming,’ Blackstone Says Blackstone, the world’s largest commercial property owner, […]
2024 IREM | CCIM Economic Forecast Recap
Key takeaway: Overall, the Arizona real estate market is expected to experience slower growth in 2024 compared to the past 2 years, but will remain largely stable with opportunities and some distress. Key insights by property type: Office: Andrew Cheney, CCIM, Andrea Davis, CCIM, George Getz, Michelle Romero, David Verwer, CCIM Return-to-office trends still evolving, […]
Commercial Real Estate & Business News – January 26, 2024
BlackRock: Now Is the Time to Invest in CRE A report from BlackRock Real Estate Research says that investments after periods of downturns tend to perform well afterwards. Specifically, the period starting in 2022 where the Federal Reserve tightened interest rates, which led to lower transactions volumes and declining…» 2023 CRE Deal Volume Down 51% […]