Commercial Real Estate & Business News – August 9, 2024

Mortgage rates fell to their lowest point in more than a year, a slide that some analysts say could buttress the housing market and fuel a wave of refinancings. The 30-year fixed-rate mortgage averaged 6.47% as of Aug. 8, down from 6.73% last week and from 6.96% a year earlier, mortgage giant Freddie Mac said…»

A $20 billion master-planned data center complex is moving forward after securing the go-ahead from the city of Buckeye. Denver-based Tract will serve as the master developer for a nearly 2,000-acre campus that could accommodate both hyperscale and wholesale data center operators…»

Growth in the Phoenix area is not a new concept — but over the past several years, there’s been a renewed focus on increasing density in some Valley cities. Building cranes in downtowns across the region would seem to bear that out. Jon Talton is a fourth-generation Arizonan who now lives in Seattle. He’s watched…»

An opportunity to redevelop a prime parcel of land in downtown Tempe — the site of the former Tempe Performing Arts Center — is available to companies interested in a mixed-use high-rise project. The city of Tempe is looking for a developer to build a high-rise mixed-use project at 124 E. Sixth St. To be…»

Arizona is one of the national leaders in construction wage growth, with Phoenix ranking as one of the top metros with the fastest-growing wage increases. According to a report released by Construction Coverage, Arizona saw the No. 7 highest construction wage growth of any…»