Commercial Real Estate & Business News – February 5, 2024

Northrop Grumman Bolsters Presence at Gilbert Business Park

Northrop Grumman Corp. (NYSE: NOC) has inked another large lease at Gilbert Spectrum. The Virginia-based aerospace and defense contractor is taking the entire 119,222-square-foot Building 3 at the Gilbert business park near McQueen and Elliot roads. “In Arizona, we…»

These Cities are Popular With Renters Right Now

Yet another entry has arrived in the ongoing effort to figure out where renters plan to move. This time it’s from RentCafe, which bases its results on its rental listing data for 150 U.S. cities. And the winner is —Minneapolis! Each city is assigned a score that considers the availability of...»

Developer in Glendale Starts Work on ‘Attainable Housing’ for Teachers, Nurses & More

Work has begun near Glendale’s entertainment hub to build more than 500 units of “budget-friendly” apartments for the area’s working-class residents. In a groundbreaking ceremony Thursday morning, Councilmember Betty Guardado of Phoenix’s Fifth District joined the…»

Here’s How Some Apartment Pros May Deal With Higher Interest Rates, Insurance Costs

Among the palm trees and plaster facades of San Diego, apartment brokers, bankers, and builders from across the nation gathered this week to figure out how to navigate what they say are two of the biggest challenges hitting their industry: higher interest rates and insurance…»

Tech, Data Center Campus Could Replace Vacant Phoenix Office Project

Menlo Equities has proposed a large technology and data center project in place of an existing office park in southeast Phoenix. The Menlo Park, California-based commercial real estate investment firm wants to develop a 1 million-square-foot campus with five buildings each…»