Commercial Real Estate & Business News – December 12, 2023

The Phoenix retail market recently hit an inflection point that hasn’t happened in at least 15 years. The share of space available to lease declined to 4.6% in the third quarter, surpassing the 4.9% U.S. level. In the decade leading up to the onset of the pandemic, Phoenix carried a structurally…»

Scottsdale-based multifamily developer Greenlight Communities is nearing the completion of 4,000 workforce housing units with even more in the pipeline aimed at helping address the lack of affordable housing in Arizona. Since 2018, Greenlight has invested more than $800 million…»

In what seems as familiar a tune as “Jingle Bells,” a huge development in North Scottsdale is looking to change its plan – and add more apartments and/or condos. Joining the likes of Optima and Axon, two other mega-projects maneuvering for as many “residential units” as they can get…»

Heading into 2024, the Arizona economy continues to churn out solid job, income, and sales gains. The state labor market remains tight, but there are modest signs of softening in the unemployment rate, quit and hire rates, and labor compensation. Inflation in Phoenix has decelerated…»

While high interest rates are prompting many sellers to drop prices at a record pace nationally, 19.22% of homes in the Phoenix metro market are still selling above the listing price. That’s according to a new analysis of data from Redfin Corp., which found 32% of homes nationally sold…»