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Commercial Real Estate & Business News – January 21, 2022

Over the past three years, the Phoenix metro saw about $1.16 billion worth of foreign investment in office properties, showing a major increase in interest from international buyers in the Phoenix market. The $1.16 billion spent from foreign investors from 2019 to 2021 is almost equal to the total spent by foreign investors in the market over the previous 10-year period…»
A Canadian real estate development firm broke ground on a 28-story apartment tower near the Arizona Center shopping and office complex in downtown Phoenix. North American Development Group, based in Markham, Ontario, expects to finish the 352-unit Palmtower in the 400 block of East Van Buren Street by early 2024. The project is among more than a dozen that are…»
In 2020, a study by J.D. Power ranked Phoenix Sky Harbor International Airport as the best major airport in the U.S. While many travelers coming to or departing from the Valley pass through Sky Harbor, it isn’t the only runway in town. About 30 miles to the southeast is Phoenix-Mesa Gateway Airport, which originally was an Air Force base where more than …»
There is so much conflicting information about the office market that it’s understandable when investors aren’t sure what advice to follow. Office leasing is up 50% from the pandemic bottom and more tenants are expanding than contracting space needs. At the same time, companies are redeveloping existing office space into new uses, like housing or industrial. And primary office markets continue…»
(Bloomberg)—Goldman Sachs Group Inc. and Citigroup Inc. are among the banks asking London staff to get back to their desks after the U.K. dropped its work-from-home guidance. Goldman employees are being asked to return in line with the government’s announcement on Wednesday, according to a person familiar with the matter. Citigroup has emailed its London staff telling them to…»