Commercial Real Estate & Business News – August 3, 2023

The multifamily market nationwide showed signs of stabilization in the second quarter of 2023 with a rebound in absorption and modest uptick in vacancy, according to CBRE’s latest research. Rents increased 2.6% year-over-year, in line with the pre-pandemic five-year average. The multifamily…»

In a metro that’s been called “sprawling,” “car-centric” and “the world’s least sustainable city,” one new development stands in steadfast defiance. State of play: Culdesac, near downtown Tempe, is Arizona’s first car-free community and it looks and feels entirely…»

Concord Hospitality Enterprises sold the Cambria Hotel Phoenix in Chandler Fashion Center sold to a real estate investment trust. The sale of the 136-room property at 3165 West Frye Road in Chandler, Arizona, to locally based Kingsbury Hospitality REIT I Inc. was brokered…»

Although mega warehouse deals for e-commerce and logistics companies have slowed nationwide since the start of the Covid-19 pandemic, these sectors continue to drive the industrial market forward in Phoenix. Factor in the current manufacturing boom and an exodus of…»

​PHOENIX — Aerospace and defense giant Raytheon announced it will open a new facility Friday in Scottsdale. The upcoming 28,000-square-foot space will pop up at SkySong, Arizona State University’s Scottsdale Innovation Center. The future digital design space will…»