Commercial Real Estate & Business News August 8, 2019

Here’s Why Canada Means Big Business for Arizona Last year, Maricopa County saw the largest population increase of any county in the United States, adding another 81,244 residents to its desert clutches. That makes eight straight years of population gains, according to the Census Bureau. This impressive bump doesn’t account for the temporary residents who make up a…»
Rising Share of Speculative Construction Points to Developers Confidence in Phoenix
In Phoenix, a wave of speculative office space, or space being built without a tenant commitment, will be built over the next several quarters, benefiting tenants who are in search of large blocks of quality spaces that are tough to find.Of the nearly 2.8 million square feet of office space underway in the Phoenix market, only 34% of…»
Phoenix High-Rise Construction Slows, But Downtown Development Still Growing
As construction on downtown Phoenix’s highly anticipated Block 23 mixed-use development winds down, the number of tower cranes in the city’s central business district has decreased, but construction activity in the area continues to be strong. “Phoenix is not a city that does a huge amount of high-rise development,” said…»
Metro Phoenix New Home Sales Jump, Despite Soaring Summer Temps
More than 3,000 people showed up in May for the grand opening of the south Phoenix community Avance. Maracay Homes sold 65 houses there in 60 days. Demand like that for new homes in the Valley was common during the boom of 2005 and 2006, and has been rare since then. But new home sales in metro Phoenix soared during the…»
Arizona Tourism Continues at Record Pace
Tourism continues to be big business in Arizona. The state, which counts tourism as its highest-grossing industry, once again broke records for overall overnight visitors (45.4 million), as well as spending by overnight visitors ($24.4 billion) in 2018. Last year also marked the first year that state taxes from tourism-related expenses, such as…»