Commercial Real Estate & Business News – December 20, 2023

After two years of stellar growth, rents decelerated in 2023, despite demand still at strong levels thanks to a resilient economy. The 2024 Multifamily Outlook from Yardi® Matrix anticipates a year of challenges, including slowing national rent growth. National rent growth…»

The Valley’s leasing needs evolved during 2023, in what was a transitional year for the sector. Demand for the largest warehouses slowed significantly, but leasing for smaller spaces was still strong across the Valley in 2023 — and is expected to continue into next year. Meanwhile…»

Canal-oriented development is a tricky thing. In the past few years, our firm has had two rezoning projects approved along the northern bank of the Arizona Grand Canal in the City of Phoenix between Central Avenue and 7th Avenue. The first of those two projects, Aura Uptown at…»

Home building in metro Phoenix took a hit like the resale market when interest rates started to ramp up last year. But the Valley is still one of the top metro areas for home building and is poised to see more new houses go up in 2024. Just look at the area’s strong job, population…»

Industrial and multifamily continued in their corrections mode last month, while retail performed best with four months straight of pricing gains, according to data from Crexi that is based on properties in its database. Office occupancy went unchanged in November and industrial…»