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Commercial Real Estate & Business News – January 7, 2022

The multifamily sector has experienced the effects of an increase in pent-up demand this past year, resulting in higher-than-average asking rents as well as concessions, depending on the type of apartment and its location. Class A concessions peaked in March at 9.9% and have been falling since, but they remain elevated at…»
Amazon recently announced plans to open a new technology center in Tempe near Arizona State University’s main campus, which is projected to create an additional 550 jobs in the Phoenix metro area over the next few years. Sandra Watson, president and CEO of the Arizona Commerce Authority, said the new Amazon location reflects…»
November was another good month for the Greater Phoenix market as office vacancyonce again trended downward. According to CommercialEdge data, average vacancy decreased to 14.7 percent, marking a 250-basis-point drop year-over-year. By comparison, the national rate stood at 15.2 percent, 140 basis points higher than…»
According to the final 2021 monthly report on the multifamily industry from Yardi Matrix, national average asking rents rose 13.5 percent year-over-year between 2020 and 2021. In December, average asking rents increased $2 to an all-time high of $1,594. Over 12 months, the average U.S. apartment asking rent rose $190. Factors driving the…»
In the final quarter of 2021, Michael Pollack, the principal of Pollack Investments, said he sold five of his shopping centers in a retail real estate market that he called “on fire.”In total, Pollack sold about 206,000 square feet of retail space in Mesa, Tempe, Phoenix and Peoria, representing about 7% of his total portfolio, for…»