Commercial Real Estate & Business News – January 30, 2025

During 2024, Greater Phoenix posted its highest level of industrial construction deliveries, bringing 34.8 million square feet of new space to the market and increasing inventory by 7.8 percent, according to a report released by Colliers. The wave of new buildings pushed vacancy up…»

Investors are keeping a close eye on the US office sector after half a decade of turmoil, looking for deals on premium properties they can lease up or obsolete buildings they can flip to apartments. Large foreign investors are showing renewed interest in the sector as they look to get ahead…»

Another Phoenix apartment property has changed hands for more than $100 million — the second one this month. IMT Desert Ridge Apartments sold for $126 million in cash on Jan. 23, following the $131.1 million sale of what is now called Spire Deer Valley Apartments on…»

Despite maintaining healthy spending habits last year, consumers are decidedly gloomy at the start of the new year, according to the latest survey by The Conference Board. The business research group said its overall measure of consumer confidence fell to 104.1 this month…»

The Esplanade office complex has completed a major renovation and upgrade of the prestigious four building campus in the Camelback Corridor located at 2425, 2525, 2575, and 2555 E. Camelback Rd. The $45 million renovation, added approximately 30,000 square feet of new amenity…»