Commercial Real Estate & Business News – February 1, 2024

Record Levels of New Space Drives Vacancy in Phoenix Industrial Market

The Greater Phoenix industrial market delivered a historic 27.9 million square feet of new space during 2023, which drove vacancy rates up in the area, according to a report released by Colliers in Arizona. Vacancy rose to 6.7 percent at the end of fourth quarter, which marks a 370 basis point rise…»

Phoenix No. 3 Among Cities With Largest Rent Decline in 2023

A large amount of multifamily housing supply coming online is expected to suppress national average asking rent growth this year, according to a new special report from Yardi Matrix. The report also showed that Phoenix is among the cities that saw the largest rent decline in 2023. While national average…»

Powell Says March Cut Is Unlikely

The Federal Reserve’s Federal Open Markets Committee kept the benchmark federal funds rate steady. Surprisingly, he explicitly took a March rate cut off the table. But some are asking what the Fed is ultimately waiting for, as 3- and 6-month views of core inflation are already below the target…»

Investors Still Waiting for Bargain Multifamily Deals

Savvy investors stockpiling their funds to buy multifamily housing at bargain prices may find themselves stuck on their stockpiles and second-guessing their judgment. “The much-anticipated deluge of properties driven to market by maturing debt, higher refinance rates and tighter debt service…»

Dick’s Sporting Goods to Bring Experiential Concept Store in Arizona

Dick’s Sporting Goods Inc. is planning to debut its budding national store concept — called Dick’s House of Sport — in Arizona in 2025, the company confirmed to the Phoenix Business Journal Jan. 30. The new Dick’s Sporting Goods (NYSE: DKS) concept combines the…»