Commercial Real Estate & Business News – February 28, 2023

Arizona is No. 2 State for Commercial Real Estate Development

When it comes to commercial real estate development, Arizona is the second highest ranking state in the U.S. for overall contributions of real estate to state GDP of $91.3 billion, $41.2 billion in direct spending, $37 billion in personal earnings, and…»

Pei Wei Fast-Casual Eatery Plans Major Expansion in the Valley

Pei Wei Asian Kitchen, a fast-casual restaurant chain that once was headquartered in Scottsdale, has plans to open several new locations around the Valley in 2023. The company, which is now based in Dallas after separating from…»

Mark-Taylor Opens San Bellara in North Scottsdale

Ideally located near the Scottsdale Quarter, San Bellara takes traditional apartment living to the next level. Mark-Taylor Residential, Arizona’s leading developer, owner, and investment manager of multifamily communities, announced the grand opening…»

​CBRE Survey: There Will Be a Significant Reduction in Buying and Lending This Year

Buying and lending expectations are in flux in most commercial real estate sectors as investors and lenders plan to significantly reduce their activity in 2023 due to rising interest rates, economic uncertainty, and associated impacts on values, according to…»

Property Prices Fall Further, Weighed Down by Apartments

U.S. commercial property prices, particularly for apartments, declined in January as high interest rates drove the number of transactions to new lows. CoStar Group reported lower prices in both of its closely watched composite indices that…»