Commercial Real Estate & Business News – July 22, 2021

Apartment owners and landlords in major U.S. cities are increasingly raising the rent. In 44 of the 50 largest U.S. cities, rents reached record highs, with three cities recording year-over-year rent growth steeper than 20%, according to a report from Realtor.com, an online real estate listings database that gets…»

Homebuilders are hungry for land in the West Valley as they work to build more homes when demand is at an all-time high. Scottsdale-based Meritage Homes Corp. (NYSE: MTH) just paid $14.75 million for 218 acres near the southeast corner of Citrus and Camelback roads in…»

Phoenix-area law firm Faith, Ledyard & Faith has started construction on an office building that will include the firm’s new West Valley location in the fast-growing suburb of Goodyear. The law firm, based in nearby Avondale, is developing the Goodyear Professional Plaza, a…»

With multiple new lease agreements secured over the past 60 days, Majestic Realty Co. continues to enhance its presence and fill its development pipeline with additional projects across the Phoenix Metropolitan area. Fueled by strong absorption and user interest throughout the market, the…»

Office tenants in the Phoenix market committed to leasing about 2 million square feet of space in the second quarter of 2021, a 65% increase from the same period last year, showing signs that the office market could be bouncing back from the depths of the pandemic, according to..»